Shell reports highest profits as rising oil prices boost earnings. Royal Dutch Shell’s third-quarter profits surged by 37 %, the highest record in four years.
Rising oil and gas prices during the July-to-September period drove these earnings but poor refining margins, tax, and currency exchange impact balanced. The company reported nearly 60 percent to $12.1 billion growth in its cash generation from operations.
However, analysts expected nearly $5.8 billion profit and the company’s shares fell more than 2% during the trade.
“The figures were impressive, but given the rally in the oil market, and the solid figures from BP during the week, traders were left a little unimpressed with today’s update,” said market analyst, David Madden, at CMC Markets United Kingdom.
The net income based on a current cost of supply measure (CCS) and excluding identified items hit $5.6 billion (£4.3bn) from $4.1 billion in the second quarter a year ago.
Shell suffered from three disappointing quarterly results in recent months, increasing its concerns over meeting the $25 billion share buyback target.
“Good operational delivery across all Shell businesses produced one of our strongest-ever quarters, with cash flow from operations of $14.7 billion,” said Royal Dutch Shell chief executive Ben van Beurden.
BP said Tuesday that it saw growth from $1.86 billion to $3.8 billion in the third quarter, more than double profit which marks its best quarterly result for five years.
Mr van Beurden said in a statement: “Our strategy remains on track.”
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