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Don't be fooled by framing; Shell's profits are still outrageous at more than $30 billion this year [1]

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Date: 2022-10-27

Shell may have seen a dip in profits from quarter to quarter, but the company still raked in $9.45 billion according to its third quarter earnings report. The company has vowed to boost its dividends by the end of the year when CEO Ben van Beurden steps down.

Pity poor Shell, the oil and gas giant that couldn’t quite price-gouge its way into yet another record-breaking quarter of profits. Reuters reports that Shell didn’t reach the same heights as the gains it reported in the second quarter of the year, when it boasted $11.5 billion in profits. Instead, it hit its second-highest quarter of profits ever, raking in only $9.45 billion in the third quarter. With more than $30 billion in profits for 2022, Shell is poised to beat its 2008 record of $31 billion in annual profits.

For its efforts in absolutely screwing consumers but enriching itself, Shell has vowed to repurchase $4 billion in stocks, adding to the $9.5 billion in stock buybacks it’s already spent this year. Shell’s shares have skyrocketed thanks, in part, to Russia’s invasion of Ukraine, residual effects of the ongoing pandemic, and the fossil fuel industry’s brazen greed. Shell isn’t an outlier, either: Exxon, Chevron, and BP are also benefitting from the “right” conditions. This industry is quite literally killing us and laughing about it all the way to the bank.

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[1] Url: https://www.dailykos.com/stories/2022/10/27/2131664/-Don-t-be-fooled-by-framing-Shell-s-profits-are-still-outrageous-at-more-than-30-billion-this-year

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