Shell Reports Increase in Profit as Oil Prices Climb
Royal Dutch Shell Plc, posted earnings that beat analyst estimates for the third straight quarter after a 22 percent increase in liquefied natural-gas sales. Excluding one-time items and inventory changes, Shell earned $4.9 billion in the third quarter. That beat the $4.3 billion mean estimate of 18 analysts surveyed. Chief Executive Officer Peter Voser said Shell is in a “delivery window” for growth after expanding an oilsands venture in Canada and taking final investment decisions on deepwater projects in the Gulf of Mexico and Brazil. Shell is reversing a seven-year decline in output as BP Plc struggles to recover from the worst oil spill in U.S. history. “This is an excellent set of results,” said Peter Hutton, head of research at NCB Stockbrokers Ltd. in London. “It more than delivers on the expectation of momentum.” Net income rose to $3.46 billion from $3.25 billion a year earlier, The Hague-based company said in a statement today.