Shell profit jumps on strong refining, cash flow slows

Shell profit jumps on strong refining, cash flow slows”

In a report announced on 11/1/2017 RBC Capital Markets hold steady the price target of Royal Dutch Shell (LON:RDSB) from 2,500.00GBX to 2,500.00GBX stating a potential upside of 0.04%.

Indeed, the blue-chip oiler reported a big jump in income (attributable to shareholders) at US$4.08bn, compared to US$1.54bn in the preceding three month period and the US$1.375bn in the same quarter of 2016. The company presently has a consensus rating of "Buy" and a consensus target price of GBX 2,067.24 ($25.58).

Shell has undertaken a major overhaul of its business by shifting the balance of its activities from oil towards more production, and from high-cost areas towards projects that can be profitable even at very low oil prices. The Company's segments include Integrated Gas, Upstream, Downstream and Corporate.

"Earnings benefited mainly from stronger refining and chemicals industry conditions, increased realised oil and gas prices and higher production from new fields, offsetting the impact of field declines and divestments", the group said.

Cash flow from operations in the third quarter, however, fell by 11 percent from a year earlier to $7.58 billion, ending a run of six consecutive quarterly gains as cost-cutting measures taken have kicked in.

Mr Van Beurden said the group's oil and gas production business generated nearly half of its $10bn cash flow from operations at an average price of $52 a barrel.

"Shell's three businesses all made resilient contributions to this strong set of results", said Chief Executive Ben van Beurden.

"This competitive performance is further evidence of Shell's growing momentum, and strengthens my firm belief that our strategy is working".

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