Royal Dutch Shell Plc (LON:RDSB)chief executive Ben van Beurden has described Thursday’s third quarter figures as “a strong set of results”.
The blue-chip oiler reported a big jump in income (attributable to shareholders) at US$4.08bn, compared to US$1.54bn in the preceding three month period and US$1.375bn in the same quarter of 2016.
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Earnings in the third quarter were US$3.69bn, up from US$1.92bn in the second quarter and US$1.44bn in last year’s third quarter.
Shell highlighted improvements in a number of its operating areas. Specifically, it pointed to higher contributions from its Downstream, Upstream and Integrated Gas businesses.
As seen elsewhere in the sector, Shell benefited from stronger performances in refining and chemicals divisions alongside higher crude oil prices. Shell also noted it had new fields coming online during the period, offsetting field decline and divestments.
Cash flow from operations amounted to US$7.6bn in the quarter, though excluding capital items the figure stood just above US$10bn.
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“Shell’s three businesses all made resilient contributions to this strong set of results,” van Beurden said.
He added: “Upstream generated almost half of the $10 billion cash flow from operations excluding working capital this quarter, at an average Brent oil price of $52 per barrel, and this was complemented by good cash contributions from our growing Integrated Gas business and from Downstream.
“This competitive performance is further evidence of Shell’s growing momentum, and strengthens my firm belief that our strategy is working.”