Shell 3Q earnings double, stir debate on energy profit tax

By DANICA KIRKA
Associated Press

LONDON (AP) — Shell’s earnings have more than doubled in the third quarter. That has fueled the debate over taxes on energy producers’ windfall profits as they have benefited from high oil and natural gas prices following Russia’s invasion of Ukraine. Shell said Thursday that adjusted earnings, which exclude one-time items and fluctuations in the value of inventories, jumped to $9.45 billion from $4.13 billion in the same period last year. Shell also announced a $4 billion share buyback and plans to increase its fourth-quarter dividend by 15%. Global energy prices soared after the invasion of Ukraine as Western governments imposed sanctions on Russia and the Kremlin curtailed natural gas shipments to Europe.