Shell Profit Increases as Refining Trumps Lower Oil Prices
Royal Dutch Shell Plc (RDSA) said third-quarter profit rose 31 percent, beating estimates, as earnings from refining and natural gas countered the impact of lower crude prices at Europe’s biggest oil company.
Even as Shell’s oil production slumped and prices fell since June, a mix of better refining margins, lower spending and higher earnings from selling natural gas around the world bolstered profit. *
The drop in oil prices “underlines the importance of our drive to get a tighter grip on performance management, keep a tight hold on costs and spending, and improve the balance between growth and returns,” Van Beurden said in the statement.
The third-quarter results have borne only a third of the impact of the fall in prices, Henry said.
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