Royal Dutch Shell reported a net third-quarter profit of $4.77 billion on Thursday, a 15% slide from the same period last year that nonetheless exceeded analysts' expectations.
Why it matters: It's the latest — and expected — sign of how lower oil prices are weighing on the industry as profit reports roll in. U.S.-based global giants ExxonMobil and Chevron report tomorrow.
Where it stands: Shell cited lower oil, natural gas and LNG prices, as well as weaker margins in refining and trading, as reasons for the drop.
- However, it noted that the losses were partly offset by strong results from its oil products and LNG trading arm
The intrigue: The results offer another sign of the weakening global economy.
- Shell said it's still committed to its $25 billion share buyback program, but noted that "prevailing weak macroeconomic conditions and challenging outlook inevitably create uncertainty" about earlier plans to complete it in 2020.
