SHELL BEATS PROFIT FORECASTS, TARGETS LOWER SPENDING

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