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Shell’s Net Profit Climbs 6.5%

OCTOBER 28, 2010

By JAMES HERRON

LONDON—Royal Dutch Shell PLC on Thursday posted a 6.5% rise in third-quarter net profit, helped by higher oil and gas prices, higher output and greater cost efficiency.

The Anglo-Dutch energy giant said net profit rose totaled $3.46 billion from $3.25 billion a year earlier. The bottom line was affected by a one-time $1.13 billion charge the company took on fair value adjustments to commodity derivatives. Group revenues were $90.71 billion, compared with $75.01 billion in the third quarter of 2009.

“Our results have rebounded substantially from year-ago levels,” said Shell’s Chief Executive Peter Voser. “We are seeing new growth, with improved earnings and cash flow.”

The Anglo-Dutch energy company said the clean current cost of supplies, a keenly-watched figure that strips out gains or losses from inventories and other nonoperating items, was $4.93 billion in the three months ended September 30, compared with $2.62 billion in the third quarter of 2009. This was above average expectations of $4.32 billion in a Dow Jones Newswires poll of 11 analysts.

Total oil and gas production was 3.058 million barrels of oil equivalent per day, an increase of 5% on the year due to new field startups. Analysts were expecting production rise of 3.4%.

SOURCE

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