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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Royal Dutch Shell Q3 net profits gush on higher oil prices

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London: Royal Dutch Shell said on Thursday that net profit jumped 43 per cent in the third quarter, energised like its competitors by rising oil and gas prices. Profit after tax leapt to $5.84 billion (5.15 billion euros) in the three months to September from $4.09 billion in the same period of 2017, the Anglo-Dutch energy giant said in a statement.


Production however declined two per cent to 3.596 million barrels of oil equivalent per day amid the group’s ongoing asset disposal strategy.


“Earnings primarily benefited from increased realised oil, gas and liquefied natural gas (LNG) prices,” it added.


Profit on a current cost-of-supplies (CCS) basis — which strips out changes to the value of its oil and gas inventories — gained 37 per cent to $5.6 billion in the third quarter.


Revenues increased 32 per cent to more than $100 billion.


Shell has expanded rapidly into liquefied natural gas following its 2016 takeover of Britain’s BG Group.


The group had announced in early October that it had approved a vast liquified natural gas project in British Columbia, Canada, to help meet an expected boom in Asian demand.


Shell’s earnings came after British rival BP revealed earlier this week that its third-quarter net profit had doubled also on sharply higher oil prices.— AFP


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