Shell has reported quarterly earnings that nearly doubled as it continued to benefit from soaring oil prices driven by the Iran war.
The FTSE 100 oil giant posted better-than-expected underlying earnings of 10.81 billion US dollars (£8.12 billion) for the three months to September 30, up from 5.43 billion dollars (£4.08 billion) in the same period a year earlier.
Shareholder returns and criticism
Following the profit jump, Shell unveiled plans to boost returns to shareholders further, with an additional five billion US dollars (£3.75 billion) in share buybacks scheduled before the end of the year.
Campaigners criticised the profit haul, which comes at a time when households and motorists are facing significant increases in fuel costs and knock-on inflation caused by the conflict.
Chemicals and products unit performance
Shell said adjusted earnings at its chemicals and products unit, including its oil trading business, soared even higher, reaching 3.86 billion dollars (£2.9 billion) in the third quarter, compared with just 550 million dollars (£412.9 million) a year ago.
The ongoing conflict in the Middle East has pushed oil prices past 100 dollars a barrel, with no sign of an end to the war or the reopening of the crucial Strait of Hormuz shipping route.
Reactions from leadership and campaigners
Wael Sawan, chief executive of Shell, said: "Shell's relentless focus on operational performance enabled very strong results in a quarter with continued severe disruption to the global energy system."
Simon Francis, co-ordinator of the End Fuel Poverty Coalition, criticised the company, saying: "There is no version of these figures which look even remotely fair. Shell earns more in sixty seconds than most people in this country manage in twelve months."
