This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Shell Net Profits Rise 7%

THE HAGUE, the Netherlands ( TheStreet) -- Royal Dutch Shell (RDS.A - Get Report), the No. 1 oil company in Europe, said third-quarter net profit rose 7% to $3.46 billion as oil prices rose.

Net profit rose from $3.25 billion in the same period in 2009.

Shell said revenue in the quarter rose 21% to $90.7 billion.

"Our results have rebounded substantially from year-ago levels, driven by some improvement in industry conditions, and Shell's strategy. We are seeing new growth, with improved earnings and cash flow, underpinned by a 5% increase in oil and gas production, a 22% increase in LNG sales and increased downstream volumes," said CEO Peter Voser, in a statement Thursday.

Shell took a net charge of $1.41 billion for oil inventory that has fallen in value, mostly at its refining arm, compared to a net gain of $371 million in the third quarter a year earlier. Stripping out inventory effects, earnings would have risen 18%.

The company produced 3.06 million barrels of oil and equivalents per day, up 5% from a year earlier. The company reported production earnings doubled to $3.15 billion from $1.54 billion, helped by higher oil prices, lower costs, and lower exploration spending.

Global oil prices were up more than 10% from the third quarter of 2009.

Meanwhile, Shell's refining earnings fell to $325 million from $1.29 billion, due mostly to the inventory effect.

Earnings rose to 56 cents on a per-share basis from 53 cents last year. Shell kept its dividend at 42 cents.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here: Joseph Woelfel

>To submit a news tip, send an email to: tips@thestreet.com.
Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
RDS.A $50.53 -4.50%
AAPL $110.85 -1.70%
FB $88.89 -0.60%
GOOG $605.97 -2.00%
TSLA $242.22 -2.70%

Markets

Chart of I:DJI
DOW 16,196.48 -331.55 -2.01%
S&P 500 1,933.72 -38.46 -1.95%
NASDAQ 4,705.4670 -71.0410 -1.49%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs