Shell reports 73% slide in profits

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The Anglo-Dutch company said third quarter earnings fell to 2.99 billion US dollars (£1.83 billion) as a result of weaker oil prices and the ailing global economy.

Chief executive Peter Voser said there were indications that energy demand and pricing were picking up, but said the outlook remained uncertain and that his company had ruled out a quick recovery in trading conditions.

As part of a previously announced restructuring programme, Shell added that around 5,000 staff will have left the company by the end of the year.

It reduced operating costs by one billion dollars (£611 million) in the first nine months of the year.

Mr Voser added: "Our strategy remains on track, although the near-term industry outlook remains challenging."

The figures were ahead of market expectations, but the upside was far short of the margin by which BP results exceeded City hopes on Tuesday.

BP shares surged 5% on Tuesday after the company reported bigger-than-expected cost savings of three billion US dollars (£1.84 billion) for the first nine months and said production was 7% higher than a year earlier. Profits for the quarter halved to 4.98 billion US dollars (£3 billion).

Shell said oil and gas production for the period was unchanged on a year earlier, although the figure was higher on an underlying basis.

Investors reacted with disappointment to Shell's update, with the company's shares down more than 3% in early trading.