SHELL MAKES £8 BILLION PROFIT AMID SOARING ENERGY BILLS

OCT 27, 2022 (8H21) JAMES SMITH

As Britain faces the threat of blackouts and soaring energy bills, massive oil company Shell recorded an £8.2 billion profit for their third quarter. Between April and June alone they recorded profits of £9.84 billion as oil rose to £88 a barrel. Energy prices have since fallen, but still remain extremely elevated.

Reportedly Shell has made £25 billion this year, more than double what they made in just 9 months of 2021. The business announced that it would return a further £3.4 billion to shareholders by buying back shares from them. The buyback is expected to have been completed approximately three months from now.

Ben van Beurden, the Chief Executive 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."

Shadow climate secretary Ed Miliband said:

"Further proof that we need a proper windfall tax to make the energy companies pay their fair share. Rishi Sunak's existing plans would see billions of pounds of taxpayer money go back into the pockets of oil and gas giants through ludicrous tax breaks."

Source:The Independent

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