Shell’s profits more than double after jump in oil and gas prices
Shell reported a quarterly profit of $9.8 billion, more than double the previous year's figures, driven by rising oil and gas prices. The results have reignited calls from environmental groups for a windfall tax on energy companies.
Why it matters
The massive profits highlight the economic impact of global energy market volatility and the ongoing debate over corporate taxation during cost-of-living crises.
Environmental campaigners outside Shell UK’s London headquarters on Wednesday. Photograph: Yui Mok/PA Environmental campaigners outside Shell UK’s London headquarters on Wednesday. Photograph: Yui Mok/PA Shell Shell’s profits more than double after jump in oil and gas prices Environmentalists renew calls for windfall tax to support households after Q2 earnings rise to almost $10bn
Prefer the Guardian on Google Shell has posted its second highest quarterly earnings on record as the energy market surge caused by the Middle East crisis helped to double its net profit to almost $10bn in the three months to June.
Europe’s biggest oil and gas company reported a quarterly profit of $9.8bn (£7.4bn), more than double the figure for the second quarter last year and the highest since its record-high earnings in the months after Russia’s invasion of Ukraine.
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