Photo: Nick Ansell - PA Images / PA Images via Getty Images

Royal Dutch Shell's profits, helped along by the rise in oil prices in recent months, more than doubled in the fourth quarter compared to the same period a year before, showing a net adjusted profit of $4.3 billion compared with $1.8 billion the same quarter a year ago, CNBC reports.

Yes, but: The Wall Street Journal (among others) reports that the company's cash flow was less than expected.

U.S. policy: The company took a $2 billion charge related to the effects of the new U.S. tax law. But that aside, CEO Ben van Beurden says the cuts in corporate tax rate are helpful, given that the company is investing roughly $10 billion annually in the U.S. over the next several years.

  • “That investment of course is going to be doing well in a much more advantageous tax environment," he told Bloomberg TV.

Big picture: The CEO, in the Bloomberg interview, chatted about the company's positioning in a world where oil demand could peak within a couple of decades.

  • Shell will continue its recent moves into electricity as part of the effort to have a "future proof" portfolio, he said. Last year Shell bought the electric vehicle charging company NewMotion and the British power company First Utility.
  • “We think the power business is going to be the fastest growing part of the energy system and just need to be part of that as well,” he said.

More results: ConocoPhillips also reported a huge swing back to profitability this morning, per Reuters: "The company posted fourth-quarter net income of $1.58 billion, or $1.32 per share, compared to a net loss of $35 million, or 3 cents per share, in the year-ago period."

What's next: ExxonMobil and Chevron report tomorrow.

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Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.