Shell posts another bumper profit

STORY: Shell posted a profit of $9.45 billion for the third quarter on Thursday (October 27).

The number was above forecasts, but down from the previous quarter's record high.

Shell blamed weaker refining and gas trading for the slide.

The energy giant has made a profit of just over $30 billion so far this year.

That puts it well on track to beat its previous record annual profit.

But those strong earnings will likely intensify calls in Britain and the EU to impose further windfall taxes on energy companies.

That as governments struggle with soaring gas and power bills.

Shell's shares have gained 40% so far this year - lifted by high oil and gas prices following Russia's invasion of Ukraine, and tightening global supply.

Shell also extended its share repurchasing program and announced plans to buy $4 billion of stock over the next three months.

The company said it intends to increase its dividend by 15% in the fourth quarter.

Shell shares were up more than 3% after trading opened in London.