Royal Dutch Shell $RDS.A reported strong third quarter results Thursday, almost doubling profits from a year ago. Shell followed big oil earnings from Exxon Mobil and Chevron last week
Royal Dutch Shell $RDS.A reported strong third quarter results Thursday, almost doubling profits from a year ago. Shell followed big oil earnings from Exxon Mobil and Chevron last week beating analysts forecasts boosted by strong refining operations, chemicals and a rise in oil prices.
Earnings: Profit of $4.1 billion in 3Q, up from $2.79 billion in 3Q 2016. Shell’s nine month earnings were $11.46 billion, up from $5.39 billion in the same period last year.
Reaction: Royal Dutch Shell plc (ADR) ADR Class A NYSE: RDS.A Lunch USD 63.61 +.57 +.86%
- Shell’s downstream business posted earnings of $2.66 billion in 3Q, compared to $2.07 billion in 3Q 2016.
- The company’s upstream business increased earnings to $562 million in the quarter, up from $4 million last year, beating estimates by oil and gas analysts at investment banking firm Jefferies by seven percent.
- Shell’s integrated gas segment achieved earnings of $1.28 billion in 3Q, compared to $931 million in 3Q 2016, which was 14 percent above Jefferies’ estimate of $1.22 billion.
“Shell’s three businesses all made resilient contributions to this strong set of results. This competitive performance is further evidence of Shell’s growing momentum, and strengthens my firm belief that our strategy is working,” he added.said Royal Dutch Shell CEO Ben van Beurden in a company statement.
Shell continues on it’s divesture program to reduce debt with it’d debt to equity ratio falling from from a peak of 29.2 percent in the third quarter of 2016 that followed its $54 billion acquisition of BG Group. Shell said there are on track to meet its target of $30 billion in divestments between 2016 and 2018. The company recently completed the sale of a package of assets in the North Sea and Gabon.
Last Quarters Earnings:
Other Major Oil Companies Q317 Earnings
Source: Royal Dutch Shell
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