Mineral oil companies Total and Shell are again making billions in profits

Total refinery in Donges, France: bonus for the workforce

Photo: REUTERS

The high energy prices are paying off again for the oil companies Shell and TotalEnergies: In the third quarter from July to September, Shell made a profit of 6.7 billion dollars.

French rival TotalEnergies posted a gain of $6.6 billion.

While Shell announced a share buyback program, TotalEnergies offered its employees a bonus.

The British oil giant Shell reported a loss of 447 million dollars in the same quarter of the previous year - the increase to the now 6.7 billion dollar profit was correspondingly large.

The group wants to buy back shares worth four billion dollars, which should increase the share price.

The French group TotalEnergies increased its profit by 43 percent compared to the third quarter of 2021.

The company announced that all employees would receive a bonus equal to one month's salary.

Demand for Excess Tax

But the oil multinationals are making their billions in profits a target for politicians: France's Economics Minister Bruno Le Maire told broadcaster BFM Business that the high profits make it possible to pay drivers in France a discount and raise employees' wages.

In France, as in many other countries, an excess profit tax for energy companies is being discussed.

Even in Great Britain, where there is already an excess profits tax for oil companies, politicians have made the billions in profits an issue: "Despite the booming profits," there is still "no proper excess profits tax for energy producers," tweeted opposition politician Rachel Reeves from the Labor Party.

According to company information, the already existing special tax cost Shell around 361 million dollars in Great Britain in the third quarter.

According to the chief financial officer, the group does not expect any burdens from the tax in the fourth quarter because it can be offset against investments in a new oil and gas field.

mic/AFP/AP