Shell profits soar to eye-watering £8billion

Shell has announced profits of £8billion for the third quarter of 2022 (Image: Getty)Energy giant Shell has announced profits of £8billion for the third quarter of this year. Shell plc Chief Executive Officer, Ben van Beurden, said in a statement: “We are delivering robust results at a time of ongoing volatility in global energy markets. 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 also announced a new share buyback programme, resulting in an additional $4billion of distributions, which the energy giant expects to complete by its Q4 2022 results announcement.The company plans to increase the dividend per share for the fourth quarter, to be paid in March 2023, by an expected 15 percent and subject to approval by Shell’s board.More to follow…