London Daily

Focus on the big picture.
Thursday, Jul 10, 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
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×