Oil major Shell increases dividend as third-quarter earnings beat forecasts

Energy News

A Shell tanker truck delivers fuel to a gas station, operated by Royal Dutch Shell Plc., in Rotterdam, Netherlands.

Jasper Juinen | Bloomberg | Getty Images

LONDON — Oil giant Royal Dutch Shell on Thursday reported better-than-expected third-quarter earnings and announced plans to increase its dividend to shareholders.

The Anglo-Dutch company reported adjusted earnings of $955 million for the three months through to the end of September.

That compared with a net profit of $4.77 billion over the same period a year earlier, and adjusted earnings of $638 million for the second quarter of 2020.

Analysts at Refinitiv had expected third-quarter net profit to come in at $594 million for the third quarter.

Shares of Shell are down more than 61% year-to-date.

It had previously warned that post-tax impairment charges in the range of $1 billion to $1.5 billion were to be expected in the third quarter.

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