Oil firm Shell reported a report revenue of $11.5 billion, doubling its income in a yr amid hovering vitality costs.
This was up from $5.5 billion in April-June 2021—a $6 billion improve in revenue—from $9.1 billion within the first quarter of 2022.
The oil big posted a fourteen-fold rise in quarterly income earlier this yr, and it renewed requires a windfall tax to ease the burden on households combating a worsening cost-of-living disaster.
Commenting on the announcement, political economist Richard Murphy tweeted: “As I stated when this price of residing disaster began, inflation has not disappeared right into a black gap. They went someplace.
“As I predicted someplace in company income, the divisions and pressures in our society are massively rising.”
In line with utilities consultancy BFY Group, the typical family will face a £500 invoice for vitality in January 2023, with annual value caps forecast at £3,850, effectively above forecasts of rising payments made earlier this yr.
The forecast got here after Russia’s continued invasion of Ukraine and its subsequent transfer to chop fuel provides to Europe additional dampened the market.
Ben van Beurden, chief govt officer of Shell, stated: “With unstable vitality markets and the continuing want for motion to deal with local weather change, 2022 continues to current large challenges for customers, governments and firms alike.
Because of this, we’re utilizing our monetary power to spend money on the safe vitality provide the world wants immediately, cut back carbon emissions and transition our firm to a low-carbon vitality future.”
The corporate additionally introduced a $6 billion share buyback program within the third quarter that may present additional cash to traders.
“The robust oil value backdrop helped Shell ship a blockbuster consequence. The dividend could have stayed the identical, however the share buyback program is sweet information for shareholders,” stated Stuart Lamont, funding supervisor at Brewin Dolphin.
Shell’s record-breaking quarter got here as British Fuel proprietor Centrica noticed its working revenue rise fivefold to £1.34bn as vitality payments soared.
Interim outcomes for 2022 The corporate stated revenue for the six months to the tip of June was a five-fold improve over the identical interval in 2021.
Group chief govt Chris O’Shea stated Centrica would proceed to help prospects by way of “essentially the most difficult vitality disaster in residing reminiscence”.