Shell beats forecasts after profits double

Royal Dutch Shell beat forecasts from analysts today after profits doubled to $6.98bn in the third quarter.

The oil major said income attributable to shareholders had jumped from $3.4bn in Q3 2010, with profits also ahead of the $6.6bn estimated, thanks to the rise in energy prices and investment projects. The oil giant also said cash flow benefited from a 33% gain in UK gas futures and a 46% increase in Brent oil prices, according to Bloomberg. CEO Peter Voser is also planning to boost production with a $100bn investment plan following its ventures in oil and liquified natural gas this year. Voser said: "We are making good progress against our targets, to deliver a more competitive per...