Shell's net profit jumps despite lower oil prices

BRITISH oil and gas giant Shell on Thursday said its net profit rose 24 percent in the third quarter as trading margins and sales volumes improved, despite falling oil prices.

- AFP

Profit after tax jumped to $5.3 billion in the three months to the end of September, compared to $4.3bn one year earlier, Shell said in a statement.

"Despite continued volatility, our strong delivery this quarter enables us to commence another $3.5 billion of (share) buybacks for the next three months," said chief executive Wael Sawan.

Stripping out exceptional items, adjusted earnings fell nearly 10 percent but still exceeded market expectations.

The company also reported a reduction in net debt from the previous quarter.

Shell's profits had struggled in the first half of the year on lower oil and gas prices.