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Royal Dutch Shell CEO Ben van Beurden. Image courtesy of Royal Dutch Shell.

Royal Dutch Shell CEO Ben van Beurden said on Tuesday that his company is working on over a dozen asset sales after Shell reported just over $1 billion in third quarter profits.

The company posted a $1.37 billion profit attributable to shareholders in the third quarter compared to a loss of $7.41 billion in the third quarter of 2015.

Current cost of supplies (CCS) earnings attributable to shareholders rose to $1.44 billion for the third quarter, up from a loss of $6.12 billion in the year-ago period.

CCS earnings attributable to shareholders excluding identified items increased to $2.79 billion in the third quarter, up from $2.37 billion in the third quarter of last year.

Third quarter basic CCS earnings per share rose to $0.18 compared to a loss of $0.97 per share in the third quarter of 2015.

Third quarter identified items came in at a loss of $1.34 billion for the third quarter compared to a loss $8.49 billion in the prior year quarter.

Shell’s Integrated Gas segment booked $931 million in earnings, up from $918 million the year-ago quarter.

Upstream segment earnings improved to $4 million in the third quarter compared to a loss of $582 million in the third quarter of 2015.

Third quarter Downstream earnings declined to $2.07 billion compared to $2.61 billion in the year-ago quarter.

Cash flow from operating activities fell 24 percent year-over-year to $8.49 billion in the third quarter.

Operating expenses for the third quarter 2016 decreased by $600 million year-over-year to $10 billion in the third quarter.

Oil and gas production for the third quarter rose 25 percent year-over-year to 3.595 million barrels of oil equivalent per day.

The impact of BG Group on Shell’s third quarter 2016 production was a gain of 806,000 barrels of oil equivalent per day (boe/d).

Compared with the fourth quarter 2015, Integrated Gas earnings are expected to be negatively impacted by a reduction of about 34,000 boe/d associated with the accounting reclassification of Woodside.

Integrated Gas earnings are expected to be positively impacted in the fourth quarter by a 15,000 boe/d boost due to lower levels of maintenance.

Fourth quarter Upstream earnings are expected to be negatively impacted by a reduction of about 25,000 thousand boe/d associated with the divestment of the Brutus TLP and Glider subsea production system.

Upstream earnings are expected to be positively impacted in the fourth quarter by about 25,000 boe/d due to lower levels of maintenance.

Shell said fourth quarter Upstream earnings could be further impacted if the “security conditions in Nigeria continue to deteriorate.”

The company said that refinery availability is expected to increase in the fourth quarter 2016 as a result of lower maintenance compared with the same period a year ago.

“Shell delivered better results this quarter, reflecting strong operational and cost performance. But lower oil prices continue to be a significant challenge across the business, and the outlook remains uncertain,” van Beurden said.

Van Beurden said Shell is “actively working on 16 material asset sales as part of the company’s planned $30 billion divestment program.”

Further details about the sales have not been disclosed.

“Cash flow will be further boosted by new projects…. Cash flow from new projects started up between 2014 and 2018 is expected to total $10 billion in 2018, at an average $60 oil price,” van Beurden added.