Shell has reported its second highest quarterly profit on record, with operating profit reaching $9.5bn in the third quarter of 2022.
This is more than double the oil and gas company’s $4.2bn profit in the same period last year.
In the first half of this year Shell reported two consecutive quarters of record profit as oil and gas prices soared.
Between April and June the company saw record profit of $11.5bn. Since then, profit growth has slowed as oil prices fell back.
Shell’s latest quarterly report has prompted calls for the tax on the profits of oil and gas firms to be increased to help households facing high energy bills this winter.
Shadow climate change secretary Ed Miliband said that Shell’s profits this year were “further proof” that the UK needs a proper windfall tax to make sure energy companies “pay their fair share”.
Meanwhile, Frances O’Grady, general secretary of the TUC, said that Shell’s profits were “obscene” at a time when millions of people are struggling with soaring bills.
Major energy companies seen huge profits in 2022 due to the elevated prices for oil and gas following Russia’s invasion of Ukraine in February.
