Shell enjoys one of its ‘strongest ever quarters’ on oil price rise
Shell reported a 37 per cent profit rise to $5.6bn (£4.35bn) as higher oil prices helped the company to one of its strongest ever quarters.
The figures
The oil giant reported cash flow of $12.1bn from its operations in the three months to the end of September, a 59 per cent on the previous same period in 2017.
Royal Dutch Shell's income attributable to shareholders rose 43 per cent to $5.8bn compared with the third quarter of last year.
Total dividends distributed to shareholders hit $3.9bn and the company confirmed the first tranche of it share buyback was completed in October.
It launched the second tranche – with a maximum aggregate consideration of $2.5bn up to 28 January 2019 – along with its results on Thursday.
Why it's interesting
Higher oil and gas prices over the past few months boosted BP's results earlier this week and have done the same for Royal Dutch Shell.
BP was able to complete its $10.5bn deal for BHP's shale assets in cash yesterday as a result of stronger prices.
Now Royal Dutch Shell has reported its highest earnings in four years and one of the strongest quarters in its history.
What they said
Chief executive Ben van Beurden said: “Good operational delivery across all Shell businesses produced one of our strongest ever quarters, with cash flow from operations of $14.7bn, excluding capital movements.
“Our strong financial performance allowed us to cover the cash dividend, interest payments, share buybacks and to further pay down debt.”