oil giant Shell has reported profits almost doubled from $9.8bn to $18.6bn for 2010, partly thanks to rising oil prices and output.

Its chief executive, Peter Voser, said the company had made good progress and that there was “still more to come”.

During the year, the company made $7bn of acquisitions and invested $3bn in exploration.

For the final quarter Shell made profits of $5.7bn, compared with $1.2bn for the same period in 2009.

Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers said shares had risen 27% over the past year and investors were taking profits: “Net income was well above expectations and a significant improvement on the previous year.”

The fourth-quarter results are in line with rival BP, which earlier this week reported a profit of $4.6bn for that period, although the cost of sorting out the oil spill in the Gulf of Mexico left BP with an annual loss.