Shell Posts 3Q Earnings Boost of Almost 50%

Royal Dutch Shell posted an earnings boost of almost 50 percent in the third quarter, according to the company’s latest financial update.

The oil major achieved earnings of $4.1 billion in 3Q, up from $2.79 billion in 3Q 2016. The company’s nine month earnings were $11.46 billion, up from $5.39 billion in the same period last year.

These numbers reflect higher contributions from the company’s downstream, upstream and integrated gas segments.

Shell’s downstream business posted earnings of $2.66 billion in 3Q, compared to $2.07 billion in 3Q 2016. The company’s upstream business increased earnings to $562 million in the quarter, up from $4 million last year, beating estimates by oil and gas analysts at investment banking firm Jefferies by seven percent.

Shell’s integrated gas segment achieved earnings of $1.28 billion in 3Q, compared to $931 million in 3Q 2016, which was 14 percent above Jefferies’ estimate of $1.22 billion.

“Shell’s three businesses all made resilient contributions to this strong set of results,” said Royal Dutch Shell CEO Ben van Beurden in a company statement.

“This competitive performance is further evidence of Shell’s growing momentum, and strengthens my firm belief that our strategy is working,” he added.

In a video comment on Shell’s website, Jessica Uhl, the company’s chief financial officer, said Shell was on track to meet its target of $30 billion in divestments between 2016 and 2018. The company recently completed the sale of a package of assets in the North Sea and Gabon.