Shell Profits Double to $7 Billion

Total revenues advanced 36% to $123.4 billion.

Energy giant Royal Dutch Shell said on Oct. 27 that third-quarter net profits more than doubled to almost $7 billion, boosted by solid gas demand, high oil prices and strong refining margins.

Earnings after tax rocketed to $6.98 billion in the three months to September, compared with $3.46 billion a year earlier, the Anglo-Dutch group said.

Total revenues advanced 36% to $123.4 billion.

"Our third quarter results were higher than year-ago levels, driven by higher oil prices and Shell's performance," Chief Executive Peter Voser said.

"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," he added.

Shell's oil and gas production meanwhile fell 2% to 3.0 million barrels of oil equivalent per day, after the company sold non-core assets on the way to raising up to $8.0 billion by the end of 2011.

Net profit jumped 83% to $24.42 billion in the first nine months of 2011, compared with the year-earlier period.

That compared with its British rival BP, which on Oct. 25 posted net profits of $17.7 billion in the nine months, also on the back of higher oil prices.

BP surged back into profit, declaring that it had now reached a "clear turning point" after the devastating Gulf of Mexico oil disaster in April 2010.

Copyright Agence France-Presse, 2011

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