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Shell: third quarter earnings almost triple on higher prices

(CercleFinance.com) - Royal Dutch Shell said on Thursday that its earnings had almost tripled in the third quarter, as higher oil and gas prices outweighed the impact of divestments.

Europe's largest oil company by market capitalisation said its current cost of supply (CCS) earnings attributable to shareholders - an industry measure of profit - rose to 4.1 billion dollars from over 1.3 billion dollars a year ago.

Total production was up 2% year-on-year in the third quarter at 3.65 million barrels of oil equivalent per day, thanks to new field start-ups in Brazil, Kazakhstan, as well as the Gulf of Mexico.

"This competitive performance (...) strengthens my firm belief that our strategy is working," said group CEO Ben van Beurden.

Brent crude prices averaged 52 dollars per barrel last quarter, up from 45.8 dollars a year ago.

Shell's A shares listed on Euronext Amsterdam are currently 0.2% at 27.1 euros on Thursday, against a 0.2% fall in the STOXX Europe 600 Optimised Oil & Gas index.

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