'World oil prices are soaring, it's worth the crazy profits.'
In the period between July and September, the British oil and energy company Shell recorded a double net profit.
Looking at Shell's 3rd quarter (Q3) corporate earnings report, the company's net profit jumped to $6.7 billion compared to an after-tax loss of $447 million.
In comparison to the same period last year, the company recorded a profit of $4.2 billion, which is a 2-fold increase in this quarter.
According to the Chief Executive Officer (CEO), Ben van Beurden, the excellent results were successfully achieved despite the uncertainty of the energy market situation.
Even so, oil prices towards the end of the quarter recorded a surge due to the energy restrictions by Russia peaking again in addition to the factor of production reduction by OPEC+ recently.
Although it managed to register a profit for 2 quarters in a row, but when compared to last Q2's record at $18 billion, it roughly decreased.
An official statement from Shell outlined the decline was due to a decline in refining margins.
In addition, the reduction in the value of hydrocarbons in the northern region due to the drop in temperature and other countries that are seen to increase supply, also contributed to the decline in profits.
In the meantime, Shell confirmed the departure of Van Beurdeb as CEO at the end of this year after 9 years of service and will be replaced by Wael Sawan.
As of this writing Shell shares are up 4.37% at $27.1 with a market capitalization of $168.56 billion.
