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Shell has reported operating profits of $9.5bn (£8.19bn) for the third quarter of this year, lower than that of the three months before but still more than double the same period in 2021.
The London-listed energy giant reported two consecutive quarters of record profit in the first half of the year at a time of soaring oil and gas prices.
The earnings are lower than expected. Shell had been forecast to report net earnings of $10.5bn in the third quarter, compared with net earnings of $11.5bn in the second quarter.
The profits were lower compared with the second quarter because of lower liquefied natural gas (LNG) trading, lower chemicals and refining margins and higher underlying operating expenses.
The total amount paid to shareholders during the three months was $6.8bn. The company paid a dividend of $0.25 for each share held.
But Shell wants that amount to increase. Subject to board approval, it intends to increase the amount per share by 15% for the fourth quarter, which would be paid in March next year.
On Thursday the company also said it is to buy back shares worth $4bn from shareholders by the time fourth quarter results are announced, it follows a $6bn round of share buybacks announced in the second quarter results statement.
The profits are likely to increase calls for more one-off windfall taxes, something that Shell CEO Ben van Beurden said the company is ready for.
It’s a “societal reality” that governments will intervene while “a lot of people … particularly the most vulnerable” are struggling with the cost of living.
Addressing the media after the results announcement he said the company should have a seat at the table to “help government design the right rules”.
The company is ready for windfall taxes and expects them to be in place next year, he added.
When she was prime minister Liz Truss ruled out any additional windfall tax beyond the one introduced in May. The May energy profits levy taxed profits at 25% and was…
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Source : skynews
