Shell beats forecasts as profits more than double
The energy giant said underlying profits reached $9.5bn (£8.2bn) in the third quarter.
That compares to $4.2bn during the same period last year though it is a slowdown from the second quarter when it announced record figures.
The invasion of Ukraine sparked oil and gas prices to rise as nations pledged to cut dependence on Russian energy.
Between April and June, Shell reported record profit of $11.5bn as oil prices surged to $120 a barrel.
Since then, energy prices have fallen back but remain at elevated levels and Shell had forecast its run of record profits would end.
So far this year, Shell has reported profits of $30bn which is more than double the amount it made over the first nine months of 2021. The company plans to reward its shareholders with a 15% increase in its regular dividend, and is on track to break its record annual profit in 2008 of $31bn.
But the higher payout for shareholders "may well raise a few eyebrows", said Stuart Lamont, investment manager at RBC Brewin Dolphin, with Shell's bumper profits coming at a time when UK households are facing high energy bills.
Fellow energy company TotalEnergies also released results on Thursday, posting third quarter profits of $9.86bn, compared with $4.77bn a year ago.
The government has imposed a 25% windfall tax on energy companies. However, the tax applies to profit made in the UK which, for most oil and gas companies, is a small part of their operations.
'Sitting on a gold mine'
Jonathan Gant, fossil fuels campaigner at Global Witness, said oil and gas companies were "the architects and beneficiaries" of a "broken energy system".
He said it was "blindingly obvious" that energy firms were "sitting on an untapped gold mine".
"Pensioners are going cold, children are going to school hungry, and people are scared for what winter will bring," he said. Read More…
