Oil majors reap bumper profits as Mideast war drives prices; Shell, TotalEnergies cash in

LONDON, Oct 29 — British energy giants Shell and TotalEnergies in France announced record-breaking quarterly profits, driven by the surge in oil and gas prices due to the ongoing war in the Middle East. Shell's profit after tax soared to US$12.1 billion, more than double its figure from the same period last year, while TotalEnergies reported a new record net profit of US$8.3 billion.

Repsol, a Spanish oil group, also saw its net profit quadruple to €5 billion over the first nine months of the year. The companies' increased revenues allowed them to boost payouts to shareholders. Shell's chief executive Wael Sawan praised the strong results, while TotalEnergies CEO Patrick Pouyanne noted that passing on savings to consumers would be a mistake.

The French government has called on TotalEnergies to lower fuel prices, but the company estimates the reduction would be limited to eight to 12 cents per litre. Critics argue that the rising energy bills and higher fuel prices are exacerbating global inflation and putting pressure on households and businesses.