Friday 24 November 2017

Oil profits double in four months at Royal Dutch Shell

Royal Dutch Shell said today that net profits doubled to $6.98bn (€4.98bn) between June and September because of higher oil prices.

The profit after tax figure for the third quarter compared with net income of $3.46bn during the same time in 2010, the Anglo-Dutch energy group said in a statement.

Said Royal Dutch Shell chief executive Peter Voser: "Our third quarter results were higher than year-ago levels, driven by higher oil prices and Shell's performance."

"Our profits pay for Shell's substantial investments in new energy projects, to ensure low-cost, reliable energy supplies for our customers and to create value for our shareholders."

Group revenue jumped 36pc to $123.4 billion in the third quarter from a year earlier.

Excluding changes to the value of its energy inventories, Shell said that profit soared to $7bn in the third quarter, beating analysts' consensus forecast of $6.60bn.

Shell's oil and gas production fell 2pc to 3 million barrels of oil equivalent per day after the company sold certain assets.

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