RDSA Shell Plc

   By Giulia Petroni 
 

Royal Dutch Shell PLC (RDSB.LN) on Thursday reported a rise in third-quarter earnings despite lower energy prices and chemicals margins.

The Anglo-Dutch oil giant reported profit on a net current cost-of-supplies basis--a figure similar to the net income that U.S. oil companies report--for the three months ended Sept. 30 of $6.08 billion, compared with $5.57 billion in the year-earlier period.

Adjusted net CCS earnings, which exclude certain items and are Shell's preferred metric, came in at $4.77 billion, compared with $5.62 billion in the third quarter last year. A consensus estimate compiled by Vara Research had forecast third-quarter adjusted net CCS earnings at $3.91 billion.

Shell said stronger contributions from liquefied natural gas and oil products trading and optimization helped offset softer oil and gas prices, as well as weaker refining and chemicals margins.

"This quarter we continued to deliver strong cash flow and earnings, despite sustained lower oil and gas prices, and chemicals margins," said Ben van Beurden, Shell's chief executive officer.

CCS earnings excluding identified items in the company's upstream business fell to $907 million from $1.89 billion.

Integrated gas CCS earnings excluding identified items rose to $2.67 billion from $2.29 billion.

Shell said total production was 3.56 million barrels of oil equivalent a day, compared with 3.59 million barrels of oil equivalent a day in the year-earlier period.

Revenue for the period fell to $89.54 billion from $101.55 billion. Cash flow from operations was $12.25 billion, from $12.09 billion in the prior-year period.

The company maintained its quarterly dividend at 0.47 cents a share.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

October 31, 2019 03:46 ET (07:46 GMT)

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