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Shell profits jump on recovering oil price

Shell's Q3 profit beat forecasts, rising by almost half to $4.1bln.


Shell’s profits soared to $3.7 billion in the Q3, driven by a better-than-expected performance in its refining business and by higher oil and gas prices.

 

The company said adjusted earnings rose 47% to $4.1 billion in the period as CEO Ben van Beurden hailed a «strong set of results».

It comes as the price of crude rose above $60 per barrel this week, its highest price for 5 months.

 

Shell said that it benefited from stronger refining and chemicals industry conditions, increased oil and gas prices and higher production from new fields.

Total production rose 2% to 3.7 million barrels a day in the quarter.

 

Shell’s upstream oil and gas producing unit booked an increase in earnings from $4 million to $562 million while downstream profit grew from $2.1 billion to $2.7 billion.

The company is also embarking on an ambitious cost-cutting drive and a $30 billion divestment initiative.

 

To this end, the oil major offloaded $187 million of upstream and $1.15 billion of downstream assets in the quarter, including a 50% share in SADAF, the petrochemicals joint venture in Saudi Arabia.

 

Shell also announced this week that it has completed the sale of a package of North Sea assets for up to $3.8 billion to smaller rival Chrysaor.

 

Source : Neftegaz.RU