Amid split bid, Shell profit falls short of expectations in third quarter

Amid split bid, Shell profit falls short of expectations Royal Dutch Shell reported an increase in third quarter profit but fell short of expectations. “This quarter we’ve generated record cash flow, maintained capital discipline and announced our intention to distribute $7 billion to our shareholders,” Chief Executive Officer Ben van Beurden said in a statement on Thursday. 

Combined with the more ambitious emissions target, “this is clear evidence of how we are accelerating our Powering Progress strategy, purposefully and profitably”. 

Shell B shares fell 1.6 per cent to 1,740 pence at 8.01 am in London. Meanwhile, the company mounted a robust defence against activist investor Dan Loeb’s bid to split the company, and pension funds that are dumping its shares, saying the company’s integration of oil, gas and renewables is key to delivering the energy transition. 

Dan Loeb’s Third Point Capital LLC is seeking the breakup of the energy giant, a move that would thwart its plan to keep pumping oil and gas as it embraces renewable energy.