(MENAFN) Royal Dutch Shell's reported an increase in its profit by almost a third during the July-September period of this year, reaching USD5.8 billion, which is an increase by 31 percent compared to the same period last year, Gulf News reported.
During the third quarter, Shell's downstream earnings also doubled to USD1.8 billion compared to the corresponding period of last year as well as being up one third compared to the second quarter.
Europe's biggest oil company by market value said that its oil and gas production in the quarter was 5 percent lower than in the same quarter last year at 2.79 million billion barrels of oil equivalent per day, which the company attributed to the expiry of its Abu Dhabi gas exploration license.
"The recent decline in oil prices is part of the volatility in our industry. It underlines the importance of our drive to get a tighter grip on performance management, keep a tight hold on costs and spending, and improve the balance between growth and returns," Chief Executive of Shell said.
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