Energy giant Royal Dutch Shell said today that net profits doubled to $6.98 billion (€4.98 billion) between June and September as revenues rose by a third thanks to higher oil prices.
The profit after tax figure for the third quarter compared with net income of $3.46 billion during the same time in 2010, the Anglo-Dutch group said in a statement.
"Our third quarter results were higher than year-ago levels, driven by higher oil prices and Shell's performance," said Royal Dutch Shell chief executive Peter Voser.
"Our profits pay for Shell's substantial investments in new energy projects, to ensure low-cost, reliable energy supplies for our customers and to create value for our shareholders," he added.
Group revenue jumped 36% to $123.4 billion in the third quarter from a year earlier. Excluding changes to the value of its energy inventories, Shell said that profit soared to $7 billion in the third quarter, beating analysts' consensus forecast of $6.60 billion.
Shell's oil and gas production fell 2% to 3 million barrels of oil equivalent per day after the company sold certain assets.
