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Shell profits hit record $11.5bn doubling in one year amid soaring energy prices

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Oil company Shell has reported record profits of $11.5bn, doubling its earnings in a single year amid surging energy prices.

This is up from $5.5bn in April-June 2021 marking a $6bn increase in profits.

Earlier this year, the oil giant recorded a fourteen-fold increase in quarterly profits which had reignited calls for a windfall tax to relieve the burden on struggling families during the worsening cost of living crisis.

Shell’s chief executive officer, Ben van Beurden, said: “With volatile energy markets and the ongoing need for action to tackle climate change, 2022 continues to present huge challenges for consumers, governments, and companies alike.

“Consequently, we are using our financial strength to invest in secure energy supplies which the world needs today, taking real, bold steps to cut carbon emissions, and transforming our company for a low-carbon energy future.”

The company said it would a share buyback programme of $6bn in the third quarter, which would give more cash to investors.

It comes as British Gas owner Centrica has seen operating profits increase five-fold to £1.34 billion as energy bills soar.

The company said its 2022 interim results showed profits in the six months to the end of June were a five-fold increase compared to the same period in 2021.

More to follow…

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