Shell nearly doubles quarterly earnings as Big Oil profits surge

· Climate · United Kingdom

Shell reported that it nearly doubled its earnings from the same quarter last year, with the third quarter described as its highest-earning quarter since 2022, the period following Russia's invasion of Ukraine. The results came as major oil companies began releasing quarterly earnings, and the report says combined earnings across Big Oil are rising. No specific figures beyond the near-doubling were given in the item. The surge arrives amid elevated fuel costs for consumers, a backdrop that puts oil-industry profitability back in the center of energy-policy debate.

Why it matters：Oil-major profits shape how much cash flows into dividends, buybacks and low-carbon investment, and feed directly into political fights over fuel prices and windfall taxes.

Key points

  • Shell said Q3 was its best quarter since 2022.
  • Earnings nearly doubled year on year.
  • The report ties the results to elevated consumer fuel costs.

Sources (original reporting)

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