Shell has posted a $9.5 billion profit in the third quarter of 2022, almost doubling when compared to the $4.2 billion profit posted during the same period last year.
The company attributes the profits to high oil and gas prices due to the invasion of Ukraine by Russia that led to nations pledging to cut dependence on Russian energy.
Between April and June, Shell reported record profit of $11.4 billion as oil prices surged to $120 a barrel.
So far, Shell has reported $30 billion profits in 2022, which is more than double the amount it made over the first nine months of 2021.
Shell also extended its share repurchasing programme, announcing plans to buy $4 billion of stock over the next three months after completing $6 billion in the previous quarter.
Shell’s increased profits come at a time when UK households are facing high energy bills, prompting the government to impose 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.
On the other hand, TotalEnergies’ third quarter adjusted net income stood at $9.86 billion. That compared to $4.77 billion for the same period in 2021, and $9.8 billion in the second quarter of this year.
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