LONDON: Royal Dutch Shell said on Thursday that net profit almost tripled to more than $4 billion in the third quarter, helped largely by recovering oil prices.
Profit after tax rocketed to $4.087 billion in the three months to September from $1.375 billion in the third quarter of 2016, the Anglo-Dutch energy giant said in a statement.
“Earnings benefited mainly from stronger refining and chemicals industry conditions, increased realized oil and gas prices and higher production from new fields, offsetting the impact of field declines and divestments,” the group said.
Revenues jumped around 23 percent to $75.83 billion in the quarter.
Shell is in the process of selling off assets worth $30 billion over two years up to 2018 — and has since offloaded more than two-thirds of that amount.
It is making investments of $25 billion this year, down on 2016 when Shell bought smaller British peer BG Group in a move to strengthen its position in the liquefied natural gas market.
Oil prices are meanwhile in recovery mode after tumbling in recent years, boosting energy companies around the world.
Shell said that stripping out changes to the value of its oil and gas inventories, profit soared 47 percent to a better-than-expected $4.1 billion in the quarter.
Shell shares were up 0.2 percent to 2,364 pence in morning trades on London’s benchmark FTSE 100 index, which was 0.1 percent higher overall.
“With Brent (North Sea crude oil) back at $60 … things are definitely looking up again for Shell” and others, said Neil Wilson, analyst at traders ETX Capital.
“Shell has also worked hard on disposals and cost cutting... Now leaner, it looks in good shape to capitalize on higher Brent prices.”
The benchmark oil contract was down 11 cents at $60.38 per barrel on Thursday.
Royal Dutch Shell third-quarter profit almost triples
Royal Dutch Shell third-quarter profit almost triples
Closing Bell: Saudi main index rises to 10,894
RIYADH: Saudi Arabia’s Tadawul All Share Index extended its upward trend for a third consecutive day this week, gaining 148.18 points, or 1.38 percent, to close at 10,893.63 on Tuesday.
The total trading turnover of the benchmark index stood at SR6.05 billion ($1.61 billion), with 144 listed stocks advancing and 107 declining.
The Kingdom’s parallel market Nomu also rose by 81.35 points to close at 23,668.29.
The MSCI Tadawul Index edged up 1.71 percent to 1,460.89.
The best-performing stock on the main market was Zahrat Al Waha for Trading Co., with its share price advancing 10 percent to SR2.75.
Shares of CHUBB Arabia Cooperative Insurance Co. increased 8.27 percent to SR23.04, while Abdullah Saad Mohammed Abo Moati for Bookstores Co. saw its stock climb 6.17 percent to SR50.60.
Conversely, the share price of Naseej International Trading Co. declined 9.90 percent to SR31.48.
On the announcements front, Arabian Drilling Co. said it secured three contract extensions for land rigs with energy giant Saudi Aramco, totaling SR1.4 billion and adding 25 active rig years to its backlog.
In a Tadawul statement, the company said one rig is currently operational, the second will begin operations by the end of January, and the third — currently suspended — is expected to resume operations in 2026.
Since November 2025, Arabian Drilling has secured seven contract extensions amounting to SR3.4 billion, representing 55 committed rig years.
The three contracts have durations of 10 years, 10 years, and five years, respectively.
“Securing a total of SR1.4 billion in new contracts and expanding our backlog by 25 rig-years demonstrates both the trust our clients place in us and our ability to consistently deliver quality and reliability,” said Ghassan Mirdad, CEO of Arabian Drilling, in a statement.
Shares of Arabian Drilling Co. rose 3.15 percent to SR104.70.
Separately, Alkhorayef Water and Power Technologies Co. said it signed a 36-month contract valued at SR43.35 million with National Water Co. to operate and maintain water networks, pumping stations, wells, reservoirs, and related facilities in Tabuk.
In October, Alkhorayef Water and Power Technologies Co. announced it had been awarded the contract by NWC.
In a Tadawul statement, the company said the financial impact of the deal began in the fourth quarter of 2025.
The share price of Alkhorayef Water and Power Technologies Co. declined 0.49 percent to SR120.70.
