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