[ad_1]
The Shell Oil Pioneer Polar Oil rig during his move from Elliott Bay to Seattle in 2015.
Photo:
tim exton / Agence France-Presse / Getty Images
LONDON – Royal Dutch Shell PLC announced on Thursday that its net profit jumped 50 percent in the third quarter, reinforcing the signs of renewed strength in the sector against a backdrop of rising oil prices.
Shell said its quarterly profit based on the current cost of supplies – a figure similar to the net income reported by US oil companies – was $ 5.6 billion, up from $ 3.7 billion. 'last year. Nevertheless, on an adjusted basis, its results are slightly lower than the consensus of analysts provided by the company. Investors, still shocked by the sharp drop in oil prices in 2014, have taken a firm stance against such surprises in recent quarters.
Shares of the company opened 1% down on Thursday.
Shell is the largest oil company to release its third quarter results. This publication limits the profits of the major European oil companies. The French companies Total SA and Norway's Equinor ASA, formerly Statoil, both announced a sharp rise in profits, while BP PLC said profits had more than doubled.
US oil giants Exxon Mobil Corp. and Chevron Corp. should release their results on Friday.
Despite signs of a solid recovery in the sector, investors have remained cautious and companies are encouraged to show that they generate healthy cash flows and use them to reward their shareholders.
Shell said its cash flow from operations was $ 12.1 billion in the third quarter, enough to cover cash dividends, interest payments and stock repurchases. and its reimbursement. The company announced that it would complete the second tranche of its $ 25 billion stock repurchase program by the end of January, repurchasing up to 2.5 billion dollars of stock.
Write to Sarah Kent at [email protected]
Source link
