Shell's profits from exploration and production jumped 65% to $5.5bn (£3.3bn) despite higher exploration costs and production disruption. The stormy hurricane season and shutdown of its St Fergus gas processing base in the North Sea cost it an estimated 120,000 barrels of oil equivalent a day in production, the company added. "Earnings compared to the third quarter 2007 reflected the benefit of higher oil and gas prices on revenues," the firm said. The firm's average selling price for its oil was $113.90 a barrel between July and September — compared to $69.31 during the same period last year. Investors meanwhile cashed in with an 11% rise in the third-quarter dividend over last year. Mr van der Veer, who retires next June, added: "Our strategy remains to pay competitive and progressive dividends, and to make significant investments in the company for future profitability." Yesterday Shell named chief financial officer Peter Voser as its next CEO.