Shell’s financial results beat estimates in Q3
The company’s profit for the third quarter increased 31% to reach $5.8 billion from the $4.5 billion profit posted in the same period of 2013 due to strong earnings from refining and natural gas, although the company posted weaker financial results on a quarterly basis due to weaker oil prices in the face of slowing global demand, particularly in China, ample supplies and lower oil production. Initial estimates called for the company’s profits to be around $5.48 billion, according to a survey by Bloomberg.
Stronger earnings from the upstream and downstream segments also helped the company to increase its profits in the third quarter. The company posted earnings of $4.343 billion and $1.793 billion from its upstream and downstream segments excluding identified items, respectively, in the third quarter of this year.
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