Shell profit drops 6 pct in Q3

Royal Dutch Shell announced on Thursday a 6-percent fall in third-quarter profit compared with a year earlier. The Current Cost of Supplies (CCS) earnings in the third quarter, excluding identified items, stood at 6.6 billion U.S. dollars, compared with 7.0 billion dollars in the third quarter of 2011, the oil giant said. Net income attributable to shareholders rose to 7.14 billion U.S. dollars from 6.98 billion U.S. dollars a year earlier, it said. Liquefied natural gas (LNG) sales volumes were 4.97 million tons in the third quarter, up by 4 percent from a year earlier. Sales volumes of oil products and chemicals products were down by 1 percent and 3 percent respectively year on year. "Shell is driving a long-term and consistent strategy, against a backdrop of volatile energy markets," said CEO Peter Voser in a press release, adding that "our profits pay for substantial investments in new energy supplies, and they pay dividends for our shareholders." He noted that the company's earnings were "driven by lower oil and gas prices, and lower chemicals margins, which offset the benefits of our operating performance, underlying growth in oil and gas production, and higher results in Integrated Gas and Oil Products." "I am pleased with our progress in a difficult industry environment. There is more to come from Shell," he said.