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Wales Online
Wales Online
Jonathon Manning

Shell boasts profits of £8.2bn in three months as energy crisis continues

Oil giant Shell made more than £8bn in profits over the last three months. It comes at a time when many people are struggling to pay their household energy bills.

The company's big gains were made from selling expensive gas in the third quarter of the year. This offset part of the fall in oil prices.

The business said it made adjusted earnings of $9.5billion (£8.2bn) over the three months. It is down from 1$1.5bn (£9.9bn) the quarter before.

The business announced that it would return a further $4bn (£3.4bn) to shareholders by buying back shares from them. The buyback is expected to have been completed in approximately three months from now.

Chief executive Ben van Beurden said: "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."

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