Shell bucks downward trend in Q3 results

Shell turns Q3 2015 loss into 2016 profit amidst mixed figures for oil majors.

Shell's third quarter 2016 CCS earnings attributable to shareholders were $1.4bn compared with a loss of $ for the same quarter in 2015.  Third quarter 2016 CCS earnings excluding identified items were $2.8bn, compared with $2.4bn for the third quarter 2015, an increase of 18%.

Shell CEO Ben van Beurden commented,"Shell delivered better results this quarter, reflecting strong operational and cost performance. But lower oil prices continue to be a significant challenge across the business, and the outlook remains uncertain."

Oil major BP has also reported improved figures on Q2 2016 - up from $720m to $933m. However, Q3 2016 is down from $1.8bn in the same period in 2015. The quarter’s result was affected by a weaker price and margin environment and a number of mainly one-off and non-cash items in the Upstream.

Phillips 66 saw improved figures, with third-quarter earnings of $511m, compared with $496m in the second quarter of 2016. Adjusted earnings were $556m, an increase of $57m from the last quarter.  "Our earnings during the third quarter reflect the benefit of our diversified portfolio. We generated $1.2bn in cash from operations and a Phillips 66 Partners equity offering," said Greg Garland, chairman and CEO.

A 10.7% rise in sales revenue has been reported by Fuchs comparing Q3 2016 (€1.7bn) with the same period last year (€1.53bn).  Earnings before tax (EBIT) in Q3 2016 are €276m, up 5.9% on Q3 2015 (€260m).

French major, Total revealed a 25% fall in adjusted net income in Q3 2016 ($2.1bn) compared to the same period in 2015.  The nine month period in 2016 ($5.9bn) also represents a drop of 30% on the same period last year.

There was gloomy news for ExxonMobil with estimated Q3 2016 earnings of $2.7bn compared with $4.2bn a year earlier, a downturn of 38%. Earnings for the first nine months of 2016 ($6.2bn) were off 54% year-on-year. Results reflect lower refining margins and commodity prices.

Chevron's earnings of $1.3bn for the 2016 Q3 were down from $2.0bn in the same period of 2015.  The first nine months of this year showed a loss of $912m, compared with a profit of $5.2bn last year.  Sales and other operating revenues in third quarter 2016 were $29bn, compared to $33bn in 2015.

A more or less static picture was reported by ConoccoPhillips with a third quarter 2016 net loss of $1.0bn compared with a $1.1bn negative in the same period last year. Excluding special items, third-quarter 2016 adjusted earnings were a $0.8bn in the red, compared with Q3 figures for 2015 of a $0.5bn loss.