Energy giants Shell and Centrica enjoy soaring profits as prices rise

British Gas owner Centrica enjoyed half-year profits five times higher than those in 2021’s first six months, while Shell attributed its enormous numbers to higher prices, refining profits, and gas trading.

Shell has reported record profits of $11.5bn (£9.4bn) for the second quarter, more than double last year’s figure of $5.5bn (£4.5bn).

The oil giant had already smashed its own quarterly record at the start of the year when it clocked up profits of $9.1bn (£7.2bn), but the sums continued to rise into Q2.

Shell attributed the enormous numbers to higher prices, refining profits and gas trading, though this was partly offset by lower liquefied natural gas trading.

Its shareholder returns will remain “in excess of 30% of cash flow from operating activities,” it said.

The record cash flowing into energy companies like Shell has reignited calls for a tougher windfall tax on additional profits on oil and gas, the prices of which have soared as Russia invaded Ukraineand threatened to cut off gas supplies to Europe.

Read more: Energy giants Shell and Centrica enjoy soaring profits as prices rise

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