Shell beats forecasts as profits more than doubleon October 27, 2022 at 6:53 am

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The energy giant reported $9.5bn in profits though growth is slower than record figures this year.

Shell tankerImage source, Getty Images

Shell has reported profits have more than doubled between July and September helped by high oil and gas prices.

The Anglo-Dutch 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 $11.4bn as oil prices surged to $120 a barrel.

Since then, energy prices have fallen back but remain at elevated levels.

So far this year, Shell has reported $30bn in 2022 which is more than double the amount it made over the first nine months of 2021.

Shell’s bumper profits come at a time when UK households are facing high energy bills.

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.

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