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Shell beats expectations
LONDON, England (CNN) -- Royal Dutch/Shell, which overtook rival BP to become the world's second-largest oil company this week, said on Thursday third-quarter profit fell 17 percent. Third-quarter profit -- excluding one-time costs -- dropped to $2.24 billion from $2.68 billion in the July-to-September period last year. Analysts polled by Reuters were expecting profit, based on the current cost of oil supplies, to total $1.85-$2.3 billion, with a consensus of $2.1 billion. Shell blamed the decline in profit on tougher trading conditions in refining and marketing than the year before. It has already moved to cut jobs to boost profitability. Shares in Shell Transport & Trading (SHEL), which represents 40 percent of Royal/Dutch Shell, rose 4.6 percent to 411 pence in mid-morning London trading on Thursday, while Royal Dutch added 3.5 percent to 43.70 euros in Amsterdam. Rival BP (BP) posted a 13 percent drop in third-quarter profit on Tuesday and upset markets by lowering its production growth target for the third time in two months. The world's biggest oil company Exxon Mobil (XOM) is due to report results later on Thursday. Shell's net income actually rose 7 percent to $2.63 billion from 2.45 billion.
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