Shell’s profit jumps

Royal Dutch Shell’s third-quarter profits came in much higher than forecast – up 18 percent on the same period last year thanks to higher oil and gas prices.

Europe’s largest energy company by market value reported net income of 2.54 billion euros.

The best performance was in Shell’s refining unit, where underlying profits were around 50 percent higher than analysts had predicted.

Chief Executive Peter Voser said Shell would continue to sell non-core assets, especially in retail and refining

Earlier this week ConocoPhillips, the third-largest US oil company, said that its quarterly profit had more than doubled.

Both companies were helped by a 12 percent rise in crude prices compared to the third quarter of 2009, while US natural gas prices were 29 percent higher and British gas prices doubled.

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