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LONDON: Royal Dutch Shell said on Thursday that net profit almost tripled to more than $4 billion in the third quarter, helped largely by recovering oil prices.
Profit after tax rocketed to $4.087 billion in the three months to September from $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 realized 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 percent to $75.83 billion in the quarter.
Shell is in the process of selling off assets worth $30 billion over two years up to 2018 — and has since offloaded more than two-thirds of that amount.
It is making investments of $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 percent to a better-than-expected $4.1 billion in the quarter.
Shell shares were up 0.2 percent to 2,364 pence in morning trades on London’s benchmark FTSE 100 index, which was 0.1 percent higher overall.
“With Brent (North Sea crude oil) back at $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 capitalize on higher Brent prices.”
The benchmark oil contract was down 11 cents at $60.38 per barrel on Thursday.