Shell has reported record profits of $11.5bn (£9.4bn) for the second quarter, more than double last year’s figure of $5.5bn (£4.5bn).
The oil giant had already broken its own quarterly record earlier this year when it made a profit of $9.1bn (£7.2bn), but the sums continued to climb into the second quarter.
Shell attributed the huge numbers to higher prices, refining profits and gas trading, although this was partly offset by lower liquefied natural gas trading.
Shell said its shareholder return will remain “above 30% of cash flow from operating activities”.
Meanwhile, British Gas owner Centrica enjoyed operating profits of £1.3bn in the first six months of 2022, five times the figure for the same period last year of £262m.
The UK’s biggest energy supplier was able to bring back its dividend as profits soared, boosted by asset sales and rising energy prices.
However, the electricity and gas supplier took a hit at British Gas, with first-half profits falling 43% from £172m in 2021 to £98m this year.
A UK price cap on the most widely used household energy contracts is expected to rise by at least 64% in October, after already rising 54% in April, contributing to the rise in inflation and the reduction of the cost of living.
Cost of living crisis: Follow live updates
The record cash flowing into energy companies such as Shell is likely to reignite calls for a tougher windfall tax on windfall profits from oil and gas, whose prices have soared driven by the Ukraine invasion by Russia and threats to cut gas supplies to Europe.
In response to then-Chancellor Rishi Sunak’s Energy Profits Tax announcement, Shell said in May: “We have consistently stressed the importance of a stable environment for long-term investment.
“This is central to our aim to invest between £20bn and £25bn in the UK over the next decade, mainly in low carbon and zero carbon products and services, with a significant amount also focused on ensuring the safety of UK energy supply.
“We recognize the burden that rising energy prices place on society as a whole, particularly for the most vulnerable, and we have hardship plans in place to help our customers.”
Read more: Everything you need to know about the extraordinary tax
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3:17 Why are gas bills so high?
Sunak had announced a new tax of 25% on the windfall profits the oil and gas sector was making, on top of the existing tax rate of 40%, to fund help with the cost of living crisis.
But companies could avoid most of the extra tax bill after the former chancellor doubled the relief they can get for investing in new oil and gas extraction from 46p for every £1 invested in the UK to 91p.
In February, Shell said it expected to allocate 50% of its total spending to the energy transition by 2025, which includes the production of low-carbon energy and non-energy products.
Its energy transition strategy, published last year, sets a target to reduce its oil and gas production, including divestment, by 1-2% a year until 2030.