Shell content despite profits fall

Oil major Royal Dutch Shell unveiled better-than-expected results today, despite higher refining costs causing a fall in profits.

The Anglo-Dutch giant’s third-quarter earnings came in 8% lower at $6.39bn US (€4.47bn), although this easily beat consensus forecasts of $5.64bn 3.95bn).

Chief executive Jeroen van der Veer said: “Given the weaker industry refining margins we have seen in the quarter, these are satisfactory results.”

Shell fared better than rival BP, which revealed a third-quarter profits slump of 45% on Tuesday after refining and production problems continued to dog the firm.