London Daily

Focus on the big picture.
Friday, Oct 24, 2025

Energy company Shell reports profits of $9.5bn for Q3 of 2022 but not at record levels seen in first half of year

Energy company Shell reports profits of $9.5bn for Q3 of 2022 but not at record levels seen in first half of year

The London-listed oil and gas company had reported record profits in the first half of the year amid soaring oil and gas prices.

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. Shares in the company jumped by 4.5% on Thursday morning, and BP shares were up by nearly 3%.

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 and has been working with the Treasury on.

"We are in continuous dialogue with the Treasury in a constructive way", he said

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 introduced by current Prime Minister Rishi Sunak when he was chancellor.

Current Chancellor Jeremy Hunt has said "nothing is off the table" when asked if he would implement a windfall tax.

Mr van Beurden had previously called on the government to tax oil and gas companies in order to protect the poorest people in society from soaring energy costs.

Speaking at the Energy Intelligence Forum in London, Ben van Beurden said: "One way or another there needs to be government intervention that somehow results in protecting the poorest.

"That probably may then mean that governments need to tax people in this room to pay for it."

The government recently announced it is to go ahead with a windfall tax on the renewable sector which has been enjoying bumper profits off the back of high gas prices.

Commenting on the profits, Ed Miliband MP, Labour's Shadow Climate Change and Net Zero Secretary used the opportunity to call for a windfall tax.

"As millions of families struggle with their energy bills, the fact that Shell recorded the second highest quarterly profits in the company's history is further proof that we need a proper windfall tax to make the energy companies pay their fair share," he said.

"Rishi Sunak's existing plans are a pale imitation of Labour's windfall tax, and would see billions of pounds of taxpayer money go back into the pockets of oil and gas giants through ludicrous tax breaks."

Newsletter

Related Articles

0:00
0:00
Close
Microsoft AI CEO: ‘We’re making an AI that you can trust your kids to use’ — but can Microsoft rebuild its own trust before fixing the industry’s?
China and Russia Deploy Seductive Espionage Networks to Infiltrate U.S. Tech Sector
Apple’s ‘iPhone Air’ Collapses After One Month — Another Major Misstep for the Tech Giant
Graham Potter Begins New Chapter as Sweden Head Coach on Short-Term Deal
Ecuadorian President Daniel Noboa Alleges Poison Plot via Chocolate and Jam
Lakestar to Halt External Fundraising as Investor in Revolut and Spotify
U.S. Innovation Ranking Under Scrutiny as China Leads Output Outputs but Ranks 10th
Three Men Arrested in London on Suspicion of Spying for Russia
Porsche Reverses EV Strategy as New CEO Bets on Petrol and Hybrids
Singapore’s Prime Minister Warns of ‘Messy’ Transition to Post-American Global Order
Andreessen Horowitz Sets Sights on Ten-Billion-Dollar Fund for Tech Surge
US Administration Under President Donald Trump Reportedly Lifts Ban on Ukraine’s Use of Storm Shadow Missiles Against Russia
‘Frightening’ First Night in Prison for Sarkozy: Inmates Riot and Shout ‘Little Nicolas’
White House Announces No Imminent Summit Between Trump and Putin
US and Qatar Warn EU of Trade and Energy Risks from Tough Climate Regulation
Apple Challenges EU Digital Markets Act Crackdown in Landmark Court Battle
Nicolas Sarkozy begins five-year prison term at La Santé in Paris
Japan stocks surge to record as Sanae Takaichi becomes Prime Minister
This Is How the 'Heist of the Century' Was Carried Out at the Louvre in Seven Minutes: France Humiliated as Crown with 2,000 Diamonds Vanishes
China Warns UK of ‘Consequences’ After Delay to London Embassy Approval
France’s Wealthy Shift Billions to Luxembourg and Switzerland Amid Tax and Political Turmoil
"Sniper Position": Observation Post Targeting 'Air Force One' Found Before Trump’s Arrival in Florida
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
Windows’ Own ‘Siri’ Has Arrived: You Can Now Talk to Your Computer
Thailand and Singapore Investigate Cambodian-Based Prince Group as U.S. and U.K. Sanctions Unfold
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
Chinese Tech Giants Halt Stablecoin Launches After Beijing’s Regulatory Intervention
Manhattan Jury Holds BNP Paribas Liable for Enabling Sudanese Government Abuses
Trump Orders Immediate Release of Former Congressman George Santos After Commuting Prison Sentence
S&P Downgrades France’s Credit Rating, Citing Soaring Debt and Political Instability
Ofcom Rules BBC’s Gaza Documentary ‘Materially Misleading’ Over Narrator’s Hamas Ties
Diane Keaton’s Cause of Death Revealed as Pneumonia, Family Confirms
Former Lostprophets Frontman Ian Watkins Stabbed to Death in British Prison
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
Outsider, Heroine, Trailblazer: Diane Keaton Was Always a Little Strange — and Forever One of a Kind
Dramatic Development in the Death of 'Mango' Founder: Billionaire's Son Suspected of Murder
Two Years of Darkness: The Harrowing Testimonies of Israeli Hostages Emerging From Gaza Captivity
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
HSBC Confronts Strategic Crossroads as NAB Seeks Only Retail Arm in Australia Exit
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
×