Oil giant Shell posts small drop in third-quarter profit to $6 billion, beating expectations

British oil giant Shell reported stronger-than-expected third-quarter profit, attributing it to a drop in crude prices and lower refining margins. The company’s adjusted earnings for the period were $6 billion, surpassing analyst expectations. The firm’s shares have fallen around 3% year-to-date. Shell warned of a decline in refining profit margins and lower trading results for its chemicals and oil products division. British rival BP also posted weaker quarterly earnings due to lower refining margins. Oil prices fell over 17% in the third quarter amid concerns about global oil demand.