Oil companies report record profits as the Middle East conflict drives up fuel prices
In the third quarter, TotalEnergies and Shell reported record profits, with oil prices rising above 100 dollars a barrel due to the Iran war. Shell's net profit reached 12.1 billion dollars, and TotalEnergies earned 7.45 billion euros, up 125% from the same period last year.
- TotalEnergies announced a record profit of 7.45 billion euros for the third quarter alone.
- Shell's net profit more than doubled to $12.1 billion in the third quarter.
- European oil companies benefited from high crude oil prices due to the Iran war.
- The French government called on TotalEnergies to pass on savings from strategic diesel reserves to consumers.
- Repsol's third-quarter profits reached 2.8 billion euros.
- Shell's refining margins surged to a record high in the quarter.
- Shell's revenue rose sharply to $92.8 billion from $68.2 billion in the same period a year earlier.
- Shell stated it would increase its share buyback program to $5 billion.
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