Profit after tax rocketed to US$4.087 billion (3.505 billion euros) in the three months to September from US$1.375 billion in the third quarter of 2016, the Anglo-Dutch energy giant said in a statement.
Profit after tax rocketed to US$4.087 billion (3.505 billion euros) in the three months to September from US$1.375 billion in the third quarter of 2016, the Anglo-Dutch energy giant said in a statement.
“Earnings benefited mainly from stronger refining and chemicals industry conditions, increased realised oil and gas prices and higher production from new fields, offsetting the impact of field declines and divestments,” the group said.
Revenues jumped around 23% to US$75.83 billion in the quarter.
Shell is in the process of selling off assets worth US$30 billion over two years up to 2018 — and has since offloaded more than two-thirds of that amount.
It is making investments of US$25 billion this year, down on 2016 when Shell bought smaller British peer BG Group in a move to strengthen its position in the liquefied natural gas market.
Oil prices are meanwhile in recovery mode after tumbling in recent years, boosting energy companies around the world.
Shell said that stripping out changes to the value of its oil and gas inventories, profit soared 47% to a better-than-expected US$4.1 billion in the quarter.
Shell shares were up 0.2% to 2,364 pence in morning trades on London’s benchmark FTSE 100 index, which was 0.1% higher overall.
“With Brent (North Sea crude oil) back at US$60… things are definitely looking up again for Shell” and others, said Neil Wilson, analyst at traders ETX Capital.
“Shell has also worked hard on disposals and cost cutting… Now leaner, it looks in good shape to capitalise on higher Brent prices.”
The benchmark oil contract was down 11 cents at US$60.38 per barrel on Thursday.
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