AMSTERDAM (AP) — Royal Dutch Shell PLC, Europe's largest oil company, Thursday reported third quarter net profit rose 6.5 percent from a year ago as an increase in the price of oil more than offset charges at its refining arm.
The company said net profit of $3.46 billion was up from $3.25 billion in the third quarter of 2009. Revenues rose to $90.7 billion from $75 billion.
"Our results have rebounded substantially from year–ago levels, with improved earnings and cash flow, underpinned by a 5 percent increase in oil and gas production," said Chief Executive Peter Voser in a statement. "This is a better performance from Shell, achieved despite continued difficult industry conditions in refining and natural gas markets.
Global oil prices were up more than 10 percent from the third quarter of 2009, though Shell did not provide information about its own selling prices.
Meanwhile, Shell's refining earnings fell to $325 million from $1.29 billion, due mostly to the inventory effect.
On a per–share basis, earnings rose to $0.56 per share from $0.53 per share in the third quarter of 2009. Shell kept its dividend flat at $0.42 cents per share.
The company continues to spend heavily on new investments, with capital spending up 77 percent to $9.55 billion — not quite matched by cash flow from operating activities of $9.0 billion.
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