Shell Q3 earnings rise on higher oil, gas prices

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Oil major Royal Dutch Shell reported a jump in third-quarter profit as higher oil and gas prices bolstered performance.

For the third quarter, adjusted earnings swelled to $4.13 billion from $955 million year-on-year.

Total production fell to 3,068,000 from 3,081,000 barrels per day, partly due to the impact of Hurricane Ida.

The company also flagged the drag of Hurricane Ida on its operations, with an aggregate adverse impact of around $0.4 billion on adjusted earnings.

Dividends declared to Royal Dutch Shell shareholders for the quarter amounted to $0.24 per share.

Additional shareholder distributions of $7 billion related to the Permian sale would start in 2022, post deal completion, the company said.

The quarterly results come alongside reports that Dan Loeb's Third Point Capital took a $750 million stake in Shell and was seeking to breakup the company.