Shell Profits Double Amid Surging Oil Prices
Company reports $10.81 billion in earnings as Middle East conflict drives up fuel costs for consumers.
Sarah Connor
Shell reported a significant increase in underlying earnings for the third quarter.
The ongoing conflict in the Middle East directly drove this increase, pushing up oil and gas prices and creating global market shortages.
Europe's benchmark gas price index averaged almost €64 per megawatt-hour in the third quarter. Shell's gas production fell by a third, a direct result of severe damage to a key gas processing facility in the Gulf, also caused by the Middle East crisis.
Wael Sawan stated that Shell’s relentless focus on operational performance enabled very strong results in a quarter with continued severe disruption to the global energy system. These results beat analyst expectations, which had projected a rise to $10.33 billion.
Shell’s relentless focus on operational performance enabled very strong results in a quarter with continued severe disruption to the global energy system.
The UK Government approved the Jackdaw gas field project. Shell is a part-owner of the Rosebank oil and gas field project.
Danny Gross claims Rosebank would be a far bigger climate bomb than the recently approved Jackdaw gas project. He asserts it would not improve energy security as most of the oil would be exported.
Chancellor John Healey did not increase windfall taxes on oil and gas firms in the recent budget. Sinead Gorman, Shell’s chief financial officer, stated the group was still digesting the autumn budget and its implications, but insisted a “stable and predictable tax policy” was vital for the firm.
There is no version of these figures which look even remotely fair.
Simon Francis stated there is no version of these figures which look even remotely fair. He added that Shell earns more in sixty seconds than most people in this country manage in twelve months.