Shell reports record profits amid crisis of living costs. It posted record profits on Thursday (28 July) for a second straight quarter. It has benefited energy from soaring oil and natural gas prices fueled by Russia’s war in Ukraine.
Accordingly, London’s Shell reported its second-quarter adjusted earnings. This excluded one-time items and fluctuations in the value of inventories.
Now, it rose to $11.5 billion (€11.3 billion) from $5.5 billion (€5.4 billion) in the same three-month period last year.
Shell Report Record Profits
The latest report smashed its record set in the previous quarter. Then, the company recorded $9.1 billion (€9 billion) in adjustment earnings.
Accordingly, Shell also said it would buy back another $6 billion (€5.9 billion) in shares, underlining its healthy cash position.
However, France could make it legal to use cooking oil as fuel in a bid to battle the cost of living crisis. Because, Russia’s invasion of Ukraine has sent oil and natural gas prices soaring. As a result, the prices are increasing, driving global inflation while boosting profits at Shell companies.
Statement Of Ben Van Beurden
Ben Van Beurden is the CEO of London Shell. He said in a statement:
“It was a turbulent quarter for the world and the global economy.”
“The war in Ukraine continues, destroying lives and disrupting supplies of food and energy. And, it is aggravating the lives of so many more through high energy prices and the cost-of-living crisis.”