Royal Dutch Shell profits double to $6.98 billion

27th October 2011, Comments 0 comments

Energy giant Royal Dutch Shell said Thursday that net profits doubled to $6.98 billion (4.98 billion euros) between June and September as revenues rose by a third thanks to higher oil prices.

The profit after tax figure for the third quarter compared with net income of $3.46 billion during the equivalent period of 2010, the Anglo-Dutch group said in a statement.

"Our third quarter results were higher than year-ago levels, driven by higher oil prices and Shell's performance," said Royal Dutch Shell chief executive Peter Voser.

"Our profits pay for Shell's substantial investments in new energy projects, to ensure low-cost, reliable energy supplies for our customers and to create value for our shareholders," he added in the company statement.

Group revenue jumped 36 percent to $123.4 billion in the third quarter from a year earlier.

Excluding changes to the value of its energy inventories, Shell said that profit soared to $7.0 billion in the third quarter, beating analysts' consensus forecast of $6.60 billion according to a poll by Dow Jones Newswires.

Shell's oil and gas production fell 2.0 percent to 3.0 million barrels of oil equivalent per day after the company sold certain assets.

© 2011 AFP

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