Shell has posted profits of £8.2 billion ($9.5 billion) in Q3 2022, but has paid no windfall tax.

This is more than double what the oil and gas major made in the same period during 2021, when it made $4.2 billion.

It’s high adjusted earnings were due to strong trading and optimisation margins for both gas and power, it noted, due to the significant gas and power price volatility.

“We are delivering robust results at a time of ongoing volatility in global energy markets,” said Shell CEO Ben van Beurden.

“We continue to strengthen Shell’s portfolio through disciplined investment and transform the company for a low-carbon future. At the same time we are working closely with governments and customers to address their short and long-term energy needs,”

Shell’s Adjusted EBITDA for the period July to September sat at $21.5 billion, boosted by higher gas prices compared with Q2.

During the previous quarter, its profits hit a high of £9.6 billion ($11.5 billion), up from its previous high of £7.6 billion ($9.1 billion) in Q1 as the year continues to offer bumper returns for the company.

Read more: Current+

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