Royal Dutch Shell said today that net profits rose 7% to $3.463 billion in the third quarter of the year, compared with the same time a year ago.
The group also revealed in a results statement that net earnings fell 21% in the third quarter, compared to the previous three months.
However, adjusted net profit - stripping out exceptional items and changes to the value of oil inventories - rocketed 88.4% to $4.933 billion in the three months to September, compared with the same time of 2009.
Earnings were propelled by higher oil and gas prices, higher output and greater cost efficiency, Shell said in the earnings release. The result beat market expectations for adjusted net profit of $4.32 billion.
Production, meanwhile, rose 5% over the period to 3.058 million barrels of oil equivalent a day.
'Our results have rebounded substantially from year-ago levels, driven by some improvement in industry conditions, and Shell's strategy,' chief executive Peter Voser said in the earnings release.
'We are seeing new growth, with improved earnings and cash flow, underpinned by a 5% increase in oil and gas production, a 22% increase in liquefied natural gas sales and increased downstream volumes,' he added.
ExxonMobil's Q3 profit jumps by 55%
US giant ExxonMobil has said its profit soared 55% in the third quarter of this year compared with a year earlier, driven in part by higher energy prices and rising oil production in Qatar.
The energy company reported net profits of $7.35 billion. Earnings per share of $1.44 in the July-September period easily beat analysts' forecasts of $1.39. Revenue surged 16% to $95.3 billion.
ExxonMobil, the world's largest non-state oil company, said the strong performance was due to higher crude oil and natural gas prices, improved refining margins, and solid chemical results.
