Oil and gas company Shell is still doing well financially, but the peak days of earlier this year appear to be over. Shell made a profit of $6.7 billion in the third quarter. A quarter earlier, it had been a record profit of $18 billion.

The current quarterly result is still well above that of a year ago, when the bottom line was a loss of almost half a billion dollars.

The company has less money left over from pumping oil than in the second quarter. At that time, a barrel of crude oil fetched more than $120. In recent months, the price has barely exceeded $100 a barrel. Shell had previously warned that the chemical industry is earning significantly lower margins on the products it manufactures.

Gas is also earning less, although its price hit a record high in the third quarter. Shell attributes the lower result to the strong fluctuations in the gas price.

greening

Outgoing CEO Ben van Beurden speaks of solid results. “We are delivering a robust result at a time of continued volatility in the global energy market,” says Van Beurden. He says the company is making investments to be ready for a greener future.

Shell will pay out more of its profits to shareholders. The dividend payment will increase by 15 percent in the next quarter.

Van Beurden leaves the company at the end of the year and is succeeded by Canadian Wael Sawan.