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

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

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.

- Advertisement -

Discover

Sponsor

Latest

Hadis Najafi: Iran police fire on mourners of female protester – witnesseson November 3, 2022 at 1:28 pm

Thousands marched to the grave of Hadis Najafi, who became a symbol of anti-government protests.Image source, 1500tasvirBy David GrittenBBC NewsClashes have erupted between Iranian...

Man Utd 1-1 Young Boys: Youthful United side held in final Champions League group gameon December 8, 2021 at 10:21 pm

Manchester United's second string are held to a Champions League draw by Swiss side Young Boys, but the Old Trafford club had already secured...

Ukraine war: 21 children flown to UK for cancer treatmenton March 14, 2022 at 4:56 am

The children and their immediate family members arrived on an urgent flight after a plea from Polish officials.Image source, PA MediaA group of Ukrainian...

Olive oil prices to rise 25% as heatwave hits productionon August 9, 2022 at 7:11 am

Prices in supermarkets could increase by 20-25% later this year, one leading exporter tells the BBC.Prices in supermarkets could increase by 20-25% later this...

Pride in London: More than a million attend ‘biggest ever parade’on July 2, 2022 at 6:26 pm

More than a million people packed London for Pride's 50th anniversary, the mayor's office says.Image source, Getty ImagesMore than a million people have taken...