Oil and gas production boost raise Shell profits
Royal Dutch Shell announced a third quarter jump in profits off the back of a 5% increase in its oil and gas production.
Shell’s 2010 earnings, announced this morning (October 28), jumped 18% on a Current Cost of Supplies (CCS) basis to $3.5 billion from the same period in 2009.
Royal Dutch Shell chief executive officer, Peter Voser, said: “We are seeing new growth, with improved earnings and cash flow, underpinned by a 5% increase in oil and gas production, a 22% increase in liquefied natural gas sales and increased downstream volumes.
“This is a better performance from Shell, achieved despite continued difficult industry conditions in refining and natural gas markets.
“We are making good progress on implementing our strategy, with a focus on performance improvement, delivering a new wave of growth, and maturing the next generation of growth options for shareholders, with achievements in all of these themes during the quarter.”
Shells third quarter 2010 reported earnings were $3,463 million compared to $3,247 million in the same quarter a year ago.
Cash flow from operating activities for the third quarter was $9 billion, compared to $7.3 billion in the same quarter last year. Excluding net working capital movements, cash flow from operating activities in the third quarter 2010 was $8.1 billion, compared to $7.7 billion in the same quarter last year.
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