SHELL BEATS PROFIT FORE­CASTS, TAR­GETS LOWER SPEND­ING

The Sun (Malaysia) - - SUNBIZ -

LON­DON: Royal Dutch Shell re­ported an 18% rise in third-quar­ter profit yes­ter­day, low­er­ing next year’s cap­i­tal spend­ing as it grap­ples with per­sis­tently low oil prices and weak re­fin­ing mar­gins. The An­glo-Dutch oil ma­jor said its 2017 cap­i­tal spend­ing was ex­pected to be at around US$25 bil­lion (RM105 bil­lion), at the bot­tom of the range pre­vi­ously given. This year’s capex will be around US$29 bil­lion. Net in­come in the quar­ter, based on a cur­rent cost of sup­plies and ex­clud­ing ex­cep­tional items, rose to US$2.8 bil­lion. – Reuters

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