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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.

Go deeper

Updated 53 mins ago - World

U.S. releases report finding Saudi prince approved Khashoggi operation

Photo: Bandar Algaloud / Saudi Kingdom Council / Handout/Anadolu Agency via Getty Images

The Office of the Director of National Intelligence (ODNI) has released an unclassified report assessing that Saudi Crown Prince Mohammed bin Salman (MBS) approved the operation to "capture or kill" Washington Post journalist Jamal Khashoggi in 2018.

Driving the news: The White House also announced sanctions on entities implicated in the murder, though not on MBS directly. Officials also announced a new "Khashoggi ban" under which individuals accused of harassing journalists or dissidents outside their borders can be barred from entering the U.S.

About 20% of U.S. adults have received first vaccine dose, White House says

Joe Biden speaks during an event commemorating the 50 million COVID-19 vaccine shots. Photo: Doug Mills-Pool/Getty Images

Nearly 1 in 5 adults and nearly half of Americans 65 and older have received their first dose of the coronavirus vaccine, White House senior adviser Andy Slavitt said on Friday.

The big picture: The Biden administration has previously said it has secured enough doses to vaccinate most of the American population by the end of July.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Most COVID-19 survivors can weather risk of reinfection, study says — "Twindemic" averted as flu reports plummet amid coronavirus crisis
  2. Vaccine: Employers mull COVID vaccine requirements — New data reignites the debate over coronavirus vaccine strategyPfizer begins study on 3rd vaccine dose as booster shot against new strains.
  3. Economy: What's really going on with the labor market.
  4. Local: All adult Minnesotans will likely be eligible for COVID-19 vaccine by summer — Another wealthy Florida community receives special access to COVID-19 vaccine.
  5. Sports: Poll weighs impact of athlete vaccination.