Oil companies are certainly enjoying a bumper year as prices hover around the US$100 a barrel mark due in the main to the war in Ukraine.

Today, Shell, one of the biggest integrated energy companies in the world, posted a profit of US$9.45 billion for the third quarter.

It doubled its profits from last year’s figure.

Earnings for the second quarter were a whopping record of US$11.5 billion. The oil and gas giant has raked in US$30.5 billion so far this year and is all set to surpass its profit record of US$31 billion set back in 2008.

“We continue to strengthen Shell’s portfolio through disciplined investment and transform the company for a low-carbon future. At the same time we are working closely with governments and customers to address their short and long-term energy needs,” said Shell CEO Ben van Beurden.

Van Beurden will step down at the end of this year after 10 years at the helm. He will be replaced as CEO by Canadian Wael Sawan.

Earlier this year, Sawan said: “I’m looking forward to channelling the pioneering spirit and passion of our incredible people to rise to the immediate challenges and grasp the opportunities presented by the energy transition.

“We will be disciplined and value focused as we work with our customers and partners to deliver the reliable, affordable and cleaner energy the market needs.”

Today, Shell announced that it plans to return another US$4 billion to shareholders in a buy-back over the next three months and will increase its dividend by 15 per cent.

Shell has paid out US$26 billion to shareholders so far this year.

Shell, Europe’s largest oil company, posted revenues of US$98.8 billion, significantly up from sales of US$61.6 billion posted for the third quarter of 2021.