Oil giant Shell misses on third-quarter profit as Dan Loeb calls for the company to break up – By Sam Meredith (CNBC) / Oct 28 2021
- The Anglo-Dutch company posted adjusted earnings of $4.1 billion for the three months through to the end of September. That compared with $955 million over the same period a year earlier and $5.5 billion for the second quarter of 2021.
- Analysts had expected third-quarter adjusted earnings to come in at almost $6 billion, according to Refinitiv.
- Shares of Shell dipped 1.5% during early morning trade in London.
LONDON — Oil giant Royal Dutch Shell on Thursday reported weaker-than-expected third-quarter earnings as New York-based hedge fund Third Point called on the energy major to break up.
Shell also announced it had set itself a bigger carbon reduction target.
The Anglo-Dutch company posted adjusted earnings of $4.1 billion for the three months through to the end of September. That compared with $955 million over the same period a year earlier and $5.5 billion for the second quarter of 2021.
Analysts had expected third-quarter adjusted earnings to come in at almost $6 billion, according to Refinitiv.
Shell issued a note to investors earlier this month warning that Hurricane Ida in the Gulf of Mexico likely had an aggregate adverse impact of roughly $400 million on adjusted earnings.
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