Shell's third-quarter net profit rises 2% despite weaker oil prices
LONDON (AFP) - Energy giant Royal Dutch Shell said on Thursday its net profits climbed 2 per cent to US$7.139 billion (S$8.7 billion) in the third quarter despite weaker oil and gas prices.
Shell said its adjusted net profit, a key measure which stripped out changes in the value of inventories and other non-operating items, fell 6 per cent to US$6.56 billion in the three months to September.
However, that beat market expectations of a profit of US$6.31 billion, according to analysts polled by Dow Jones Newswires.
"Shell is driving a long-term and consistent strategy against a backdrop of volatile energy markets," said chief executive Peter Voser in the earnings release. "Our earnings were driven by lower oil and gas prices, and lower chemicals margins, which offset the benefits of our operating performance, underlying growth in oil and gas production, and higher results in integrated gas and oil products."