LONDON – Royal Dutch Shell says third-quarter earnings rose 18 per cent, boosted by increased production after the acquisition of BG Group.
The company said Tuesday that profit adjusted for one-time items and the fluctuating value of inventories rose to $2.79 billion from $2.38 billion in the same period last year.
Gains from increased production more than offset falling oil prices. Oil and gas production rose 25 per cent to the equivalent of 3.6 million barrels of oil a day. That includes 806,000 barrels a day from BG assets.
Chief Executive Ben van Beurden says lower oil prices continue to be a “significant challenge across the business, and the outlook remains uncertain.”
Brent crude averaged $46 a barrel in the third quarter, down from more than $100 a barrel in September 2014.