<p>Royal Dutch Shell set itself tougher emissions-cutting targets on Thursday, even as it reported a lower-than-expected third-quarter profit of $4.13 billion.</p>.<p>The oil major said that it would cut absolute emissions from its operations and the electricity it uses, known as Scope 1 and 2 emissions, by half by 2030 compared with 2016.</p>.<p>The company has pledged to become a net-zero emissions company by 2050 but has come under pressure to make faster progress, with a Dutch court ordering it in May to cut all of its emissions - including from the combustion of its products by customers, or Scope 3 - by 45% by 2030.</p>.<p>Shell is appealing the court ruling.</p>.<p>The company previously set a target to cut the carbon intensity of its products, meaning emissions by a unit of energy produced rather than in absolute terms, by at least 6% by 2023, 20% by 2030, 45% by 2035 and 100% by 2050, compared to 2016 levels.</p>.<p><strong>Hurricane hit</strong></p>.<p>As previously flagged, Shell will distribute $7 billion to its shareholders from next year after a $9.5 billion deal to sell its U.S. Permian assets to ConocoPhillips closes.</p>.<p> Its third-quarter adjusted earnings came in below an average analyst forecast provided by the company for a $5.31 billion profit. Earnings were $5.53 billion in the previous quarter and $955 million a year ago.</p>.<p>Shell had previously flagged a $400 million hit to third-quarter earnings from the damage caused by August's Hurricane Ida in the United States and a boost to cash flows from soaring natural gas and electricity prices.</p>.<p>Gas and power prices surged this autumn as tight gas supplies have collided with strong demand in economies recovering from the Covid-19 pandemic. <LNG-AS></p>.<p>Shell's oil and gas production dropped in the third quarter to 2.08 million barrels of oil equivalent per day (boepd) as a result of the Covid-19 pandemic and hurricanes that forced offshore platforms to shut down.</p>.<p>Oil production fell 4% from the second quarter to 1.49 million barrels per day, while gas output declined 17% to 3.39 million cubic feet per day.</p>.<p>The company guided for its liquefied natural gas (LNG) production to rise to 8-8.6 million tonnes in the fourth quarter.</p>.<p>Shell plans to invest around $20 billion this year, compared with previous guidance for spending to stay below $22 billion.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>
<p>Royal Dutch Shell set itself tougher emissions-cutting targets on Thursday, even as it reported a lower-than-expected third-quarter profit of $4.13 billion.</p>.<p>The oil major said that it would cut absolute emissions from its operations and the electricity it uses, known as Scope 1 and 2 emissions, by half by 2030 compared with 2016.</p>.<p>The company has pledged to become a net-zero emissions company by 2050 but has come under pressure to make faster progress, with a Dutch court ordering it in May to cut all of its emissions - including from the combustion of its products by customers, or Scope 3 - by 45% by 2030.</p>.<p>Shell is appealing the court ruling.</p>.<p>The company previously set a target to cut the carbon intensity of its products, meaning emissions by a unit of energy produced rather than in absolute terms, by at least 6% by 2023, 20% by 2030, 45% by 2035 and 100% by 2050, compared to 2016 levels.</p>.<p><strong>Hurricane hit</strong></p>.<p>As previously flagged, Shell will distribute $7 billion to its shareholders from next year after a $9.5 billion deal to sell its U.S. Permian assets to ConocoPhillips closes.</p>.<p> Its third-quarter adjusted earnings came in below an average analyst forecast provided by the company for a $5.31 billion profit. Earnings were $5.53 billion in the previous quarter and $955 million a year ago.</p>.<p>Shell had previously flagged a $400 million hit to third-quarter earnings from the damage caused by August's Hurricane Ida in the United States and a boost to cash flows from soaring natural gas and electricity prices.</p>.<p>Gas and power prices surged this autumn as tight gas supplies have collided with strong demand in economies recovering from the Covid-19 pandemic. <LNG-AS></p>.<p>Shell's oil and gas production dropped in the third quarter to 2.08 million barrels of oil equivalent per day (boepd) as a result of the Covid-19 pandemic and hurricanes that forced offshore platforms to shut down.</p>.<p>Oil production fell 4% from the second quarter to 1.49 million barrels per day, while gas output declined 17% to 3.39 million cubic feet per day.</p>.<p>The company guided for its liquefied natural gas (LNG) production to rise to 8-8.6 million tonnes in the fourth quarter.</p>.<p>Shell plans to invest around $20 billion this year, compared with previous guidance for spending to stay below $22 billion.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>