Shell posts $6.2bn quarterly profit

Oil and gas giant Shell has posted strong profits helped by rising oil prices.


The energy giant reported earnings of $6.2bn between July and September, up sharply on the previous quarter.


Profits were down from $9.4bn in the same period last year, however, when Russia’s invasion of Ukraine caused a spike in oil and gas prices.


Oil prices are currently lower than that period, but have risen recently.


That is largely due to members of the OPEC+ group of oil-producing nations cutting output to support the market.


Earlier this week, the World Bank warned that the conflict in the Middle East could push the price of crude oil up to $150 a barrel – compared to $85 today.


Shell said its earnings in the past three months were up 23% on the previous quarter.


It said it had benefitted from higher oil prices and pumping more oil and gas, along with making more money from refining and gas trading.


Following its results, Shell announced a plan to return $3.5bn to shareholders through a share buyback programme. In total the firm will return $23bn to shareholders this year.

Leave a Reply