Shell profits hit record $11.5bn doubling in one year amid soaring energy prices

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Oil company Shell has reported record profits of $11.5bn, doubling its earnings in a single year amid surging energy prices. “And as I predicted that somewhere was into corporate profits, massively increasing the divisions and stresses in our society.” The average household could face a bill of £500 for energy in January 2023, with a prediction of an annual price cap of £3,850, far exceeding already gloomy predictions for rising bills made earlier this year, according to utilities consultancy BFY Group. Shell’s chief executive officer, Ben van Beurden, said: “With volatile energy markets and the ongoing need for action to tackle climate change, 2022 continues to present huge challenges for consumers, governments, and companies alike. “Consequently, we are using our financial strength to invest in secure energy supplies which the world needs today, taking real, bold steps to cut carbon emissions, and transforming our company for a low-carbon energy future.” The company also said it would a share buyback programme of $6bn in the third quarter, which would give more cash to investors.