Shell has reported more than double increased profits between July and September when compared to the same time last year.
The oil giant said its adjusted earnings more than doubled to 9.5 billion dollars (£8.2 billion). Despite this, profits are down compared with the company's second quarter which saw it make 11.5 billion dollars (£9.9 billion).
It comes after the price of oil slowly began to fall following months of record-highs which has been mainly attributed to the Russian invasion of Ukraine. Previously, Shell promised that 2022 would be its most profitable year ever which will likely be the case if there is no major collapse in oil and gas prices over the next two months.
Chief Executive Ben van Beurden said: "We are delivering robust results at a time of ongoing volatility in global energy markets." On Thursday, the company announced plans to return four billion dollars (£3.5 billion) to shareholders by buying back shares over the next three months - it will also increase the dividend by 15 per cent.
It means the total payout to Shell shareholders so far this year has been brought to 26 billion dollars (£22.4 billion). Mr van Beurden said: “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. Today we are announcing a new share buyback programme resulting in an additional four billion dollars of distributions, which we expect to complete by our Q4 (fourth quarter) 2022 results announcement.”
The company's profits has brought in criticism towards the Conservative government as the country struggles with a cost of living crisis which has seen an increase in the price of fuel, gas, and electricity.
Greenpeace's UK senior climate adviser, Charlie Kronick, said: "While Shell continues to bank billions, how many more households need to be forced into fuel poverty before the Government wakes up? The only way to address the interlocking cost of living, energy security and climate crises is a street-by-street rollout of home insulation combined with a massive lift in ambition for renewable energy."
Liberal Democrat leader Sir Ed Davey said: “The Conservative Government’s refusal to properly tax these eye-watering profits is an insult to families struggling to pay their energy bills. Even the CEO of Shell has admitted that oil and gas companies should be taxed more to help protect vulnerable households.”
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