Shell's Quarterly Earnings Double Amid Soaring Oil Prices
· Business · The Independent, Reuters
Shell announced its underlying quarterly earnings nearly doubled to $10.81 billion for the three months ending September 30, up from $5.43 billion a year earlier. This profit surge is attributed to soaring oil prices, exacerbated by the Iran war and disruption to the Strait of Hormuz shipping route. The company plans to boost shareholder returns with an additional $5 billion in share buybacks before the year-end. Adjusted earnings from its chemicals and products unit, including oil trading, soared to $3.86 billion from $550 million in the previous year. Campaigners criticised these bumper profits, highlighting the burden of rising fuel costs and inflation on households.
Why it matters
Shell's substantial profits amid high oil prices and global conflict highlight the financial impact of geopolitical events on energy companies and consumers. This situation intensifies the debate around corporate profits versus household economic strain during crises.
Read the original report — The Independent
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