Shell reports falling profits

City A.M. Reporter
Oil major Shell shouldered a 15 per cent fall in current cost of supply (CCS) profits in the third quarter, it announced this morning.

The impact of lower crude prices, a fall in output and special charges outweighed stronger margins in refining.

It reported CCS profits of $6.1bn (£3.8bn), compared with $7.2bn over the same period last year. Excluding charges for an asset writedown, UK tax changes and other factors, earnings came in at $6.6bn, a drop from $7bn over the third quarter of 2011.

Overall, third quarter oil and gas production was up just one per cent on the same period last year.