LONDON (SHARECAST) - Anglo-Dutch integrated oil major Royal Dutch Shell's third quarter net income was comfortably ahead of expectations, and there is still more to come, pledged company boss Peter Voser.
Earnings on a current cost of supplies (CCS) were $6.13bn, down from $7.25bn in the third quarter of 2011. Broker Charles Stanley had pencilled in a figure of $5bn for net income.
Upstream CCS earnings fell back to $4.89bn from $5.44bn the year before, while downstream CCS earnings dipped to $1.73bn from $1.82bn the year before. Charles Stanley had anticipated downstream earnings of about $1.5bn.
Basic CCS earnings per share retreated to $1.05 from $1.12 in the third quarter of 2011. As in the second quarter, Royal Dutch Shell is paying a quarterly dividend of 43 cents, up one cent on last year's third quarter pay-out.
"Our earnings were driven by lower oil and gas prices, and lower chemicals margins, which offset the benefits of our operating performance, underlying growth in oil and gas production, and higher results in Integrated Gas and Oil Products," explained Peter Voser, Shell's Chief Executive Officer.
"I am pleased with our progress in a difficult industry environment. There is more to come from Shell," he pledged.