Main oil company Shell raises dividend as third quarter profits beat expectations

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A Shell tanker truck delivers fuel to a petrol station, operated by Royal Dutch Shell Plc., In Rotterdam, the Netherlands.Jasper Juinen | Bloomberg | Getty Images

LONDON – Oil giant Royal Dutch Shell on Thursday reported better than expected third quarter results and announced plans to increase its dividend to shareholders.Anglo-Dutch company reported adjusted profit of $ 955 million for the three months until the end of September.

This compares to net income of $ 4.77 billion for the same period a year earlier and adjusted earnings of $ 638 million for the second quarter of 2020.

Refinitiv analysts expected third-quarter net income to reach $ 594 million for the third quarter.

Shell shares are down more than 61% since the start of the year.

He previously warned that after-tax depreciation charges in the range of $ 1 billion to $ 1.5 billion were expected in the third quarter.

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