Shell Profit Doubles on Higher Oil Prices
AMSTERDAM (
) --
Royal Dutch Shell
(RDS.A)
reported third-quarter profit doubled on higher oil prices.
Europe's largest oil company earned $6.98 billion in the quarter, up from $3.46 billion a year earlier.
Current cost of supply earnings were $7.25 billion, up from $3.57 billion.
Revenue in the quarter jumped 33% to $127 billion.
Analysts were expecting Shell to post profit of about $6.55 billion.
The latest quarter included gains of $245 million, while a year earlier Shell booked charges of $1.4 billion from asset impairments.
Production in the quarter fell 1.6% to 3.01 million barrels of oil per day, but Shell said that would have risen 2% on a comparable basis.
Shell said it would continue with the sale of non-core assets.
-- Written by Joseph Woelfel
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