Royal Dutch Shell posted a decline in net income of more than 80% in the fourth quarter of 2019 from the same quarter of 2018, according to the firm's financial statement released on Thursday.
The company saw a net income of $965 million in the October-December period of last year, marking an 82.7% decrease from the $5.59 billion posted during the same period a year ago.
For the full year of 2019, Royal Dutch Shell recorded a net income of $15.84 billion -- a 32.2% decline from income made for the full year of 2018 with $23.35 billion, according to the statement.
Revenue also saw a fall on an annual and quarter-to-quarter basis.
In the final quarter of 2019, Shell's revenue amounted to $84.01 billion -- a 17.8% decrease from the October-December period of the previous year when the company's revenue totaled $102.23 billion.
For the full year of 2019, the firm filed total revenue of $344.88 billion -- an 11.2% fall from the full year of 2018.
Royal Dutch Shell CEO Ben van Beurden said in the statement that the company generated $47 billion in cash flow from operating activities, excluding working capital movements, and distributed over $25 billion in dividends and share buybacks to the shareholders.
"Our intention to complete the $25 billion share buyback program is unchanged, but the pace remains subject to macro conditions and further debt reduction," he added.
By Ovunc Kutlu