Rising oil pushes up Shell profit past £3bn

RISING prices have helped Shell’s overall profit rise by 34pc.

The company’s upstream division made £428m in the third quarter of 2017 compared to just £3m during the same period last year, bumped up by a tax settlement.

It helped overall profits for the firm jump to £3.1bn up from £2.3bn, as it was rewarded for cost-cutting during the downturn.

The oil price was under $50 a barrel earlier this year but has risen to above $60, and in the ninemonth period ending September 30, profits from the production division jumped 152pc. Third-quarter profits from the integrated gas division rose by 37pc to £977m and from downstream (refining), by 28pc to £2bn.

Chief executive Ben van Beurden said: ‘This competitive performance is further evidence of Shell’s growing momentum... our strategy is working.’

Its sale of £2.8bn of North Sea assets to Chrysaor has completed, and it said it had no immediate plans for more North Sea sales.