Shell has further fuelled demands for a windfall tax on the sector, as it revealed record first-quarter profits due to soaring oil and gas prices, just days after bumper earnings from rival BP.
The oil giant posted better-than-expected underlying earnings for the first three months of 2022, at £7.2bn – nearly three times the £2.5bn reported a year earlier.
On Tuesday, BP unveiled its highest quarterly underlying profits for more than a decade, at £5bn.
