Friday 23 August 2019

Oil giant Shell’s Q3 earnings top all forecasts

Part of the massive Pernis refinery. Photo: Shell Media Library

The Hague-based energy giant Royal Dutch/Shell reported third-quarter net profit 47% higher year-on-year at €$4.1bn, The earnings figure was higher than the $3.6bn forecast by a Bloomberg poll, the Financieele Dagblad said on Thursday.

However, Shell’s vital cash flow fell by more than $3bn in the three-month period. The cash flow is important because Shell uses it to fund its dividend and investments.

Shell shareholders are attracted to the Anglo-Dutch group because of its relatively high dividend payment. Last year, Shell was forced to borrow to continue the dividend payments (about $3bn) and investments ($5bn).

Shell is now selling off activities valued at about $30bn and financial director Jessica Uhl says Shell is on schedule, having sold off operations worth $20bn so far.

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