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.