Shell's Q3 Earnings Still Strong but Slide From Q2 Levels; Dividend Boost of 15%

Shell reported third-quarter results that surpassed market expectations but fell back from second-quarter levels. Thanks to high oil and natural gas prices during the quarter, adjusted earnings soared to $9.5 billion from $4.1 billion a year ago. Adjusted earnings exclude $1.0 billion of losses due to fair value accounting of commodity derivatives. Earnings were lower compared with the second quarter because of lower integrated gas results from weaker trading and optimization results and lower refining results from narrower margins. Operating cash flow before working capital fell to $16.7 billion from $17.5 billion last year, resulting in organic free cash flow of $7.9 billion.