Oil giant Royal Dutch Shell reported a near 50 percent rise in net profit for the third quarter.
Net profit attributable to shareholders on a current cost of supplies (CCS) basis, used as a proxy for net profit, came in $4.1 billion, versus $2.7 billion in the same quarter a year ago. This compared to a company-provided analyst consensus of $3.6 billion. It also beat the Reuters estimate which was $3.569 billion.
Shell said the earnings reflected higher contributions from its downstream and upstream operations (which refer to both the refining division and exploration units) and its integrated gas unit.
Here are the key third-quarter metrics:
- Cash flow from operating activities: $7.58 billion, down 11 percent from a year ago.
- Net income attributable to shareholders (on a current cost of supplies basis and excluding exceptional items) $4.1 billion, versus $3.569 billion expected by Thomson Reuters.
- Shell announced a $0.47 dividend per share.
Royal Dutch Shell Chief Executive Officer Ben van Beurden said that "Shell's three businesses all made resilient contributions to this strong set of results."
He said the earnings were evidence of Shell's "growing momentum" which, he said, strengthens his "firm belief" that the company's strategy is working.