Energy Economy

28 Oct 2022

Shell More Than Doubles Profits in Third Quarter

28 Oct 2022  by   

Image: AzmanMD / Shutterstock

Shell doubled its profits between July and September.

According to the financial results published today, the company posted adjusted profits of $9.5 billion (£8.1bn) in the third quarter of the year, with adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $21.5 billion (£18.5bn).

This compares to $4.2 billion (£3.6bn) during the same period last year.

Shell Chief Executive Officer Ben van Beurden said: “We are delivering robust results at a time of ongoing volatility in global energy markets. We continue to strengthen Shell’s portfolio through disciplined investment and transform the company for a low carbon future.

“At the same time, we are working closely with governments and customers to address their short and long-term energy needs.”

In recent months, energy companies’ profits have prompted calls for higher taxes on the sector.

Commenting on Shell’s profits, Tessa Khan, Director of Uplift, said: “Shell is making eye-watering profits off the back of the energy crisis, while many millions of people in this country are forced in fuel poverty. It’s nothing short of immoral.

“Meanwhile, the UK government is just sitting on its hands, instead of trying to claw some of that money back. How can Rishi Sunak talk of compassion and ask people to trust him and not immediately replace the pitiful windfall tax he introduced in May with a credible one?

“This means backdating it and closing the gaping loophole, which will see UK taxpayers effectively handing Shell a £200 million subsidy to develop a North Sea gas field called Jackdaw from which Shell will take all the profit with minimal public gain. It will do nothing to lower our bills.”


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