LONDON--Royal Dutch Shell PLC on Thursday reported a rise in
third-quarter earnings, with increases in both upstream and
downstream, despite falling oil prices.
The Anglo-Dutch energy giant also named Charles O. Holliday as
its new chairman. He will replace Jorma Ollila next year.
Shell's current cost-of-supplies profit--a measure similar to
the net profit reported by U.S. oil companies--rose to $5.27
billion, from $4.25 billion a year earlier. Underlying replacement
cost, which excludes identified items, was $5.85 billion, compared
with $4.46 billion a year earlier. A poll of 10 analysts conducted
by The Wall Street Journal forecast underlying replacement cost
profit of $5.69 billion.
The oil major has increased its quarterly dividend to 47 cents a
share, from 45 cents.
Chief Executive Ben van Beurden, said: "With $8.9 billion of
dividends declared and $2.4 billion of shares repurchased in the
first three quarters of this year, we are on track for a program of
over $30 billion of dividend distributions and buybacks for 2014
and 2015 combined."
"All of this underlines the company's recent improved
performance and potential for the future," Mr. van Beurden
added.
Write to Justin Scheck at justin.scheck@wsj.com and Ian Walker
at ian.walker@wsj.com
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