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Shell doubles profits to $10.8bn and hands shareholders $5bn as oil price surge sparks windfall tax row

Wael Sawan, pictured in May, as Greenpeace's Philip Evans accused Shell executives of "popping champagne on the deck of a sinking planet" over the results.
Wael Sawan, pictured in May, as Greenpeace's Philip Evans accused Shell executives of "popping champagne on the deck of a sinking planet" over the results.
A Shell service station like those whose soaring profits CEO Wael Sawan credited to "relentless operational performance" amid nine months of US-Israeli conflict disrupting global energy supplies.
A Shell service station like those whose soaring profits CEO Wael Sawan credited to "relentless operational performance" amid nine months of US-Israeli conflict disrupting global energy supplies.

Shell's refining margin reached a record $42 a barrel last quarter — almost twice the $24 posted in the second quarter — as Middle East conflict triggered global diesel shortages and pushed oil to $114 a barrel. Chief executive Wael Sawan unveiled a $5bn shareholder buyback, up from $3bn, lifting Shell's shares to an all-time high of 4,079.50p, a rise of more than 40% over the year.

Chancellor John Healey opted against increasing windfall taxes on oil and gas companies in Wednesday's budget, even as the sector's earnings surged.

Shell's chemicals and trading division recorded profits of $3.86bn — up from just $550m a year earlier — as fuel shortages spread across global markets.

Greenpeace's Philip Evans attacked the results: 'We are paying with our lives and pay-cheques while they cash in on our misery.'

MoreThe TelegraphShell posts second-highest profit ever after oil price surgeDaily MailShell doubles profits as it continues to cash in on higher oil pricesAOL News UKShell profits double to $10.8bn as Iran war pushes up margin on oilEvening StandardShell criticised over bumper earnings haul amid soaring oil pricesThe TimesShell splashes out on shareholders
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