Shell's profits pass $43bn after production hits new highs in Brazil and Gulf of Mexico

"Profits at Shell have climbed to more than $43bn for the year so far after fossil fuel production in the Gulf of Mexico reached a 20-year high and production in Brazil set a new record. The oil company reported better than expected earnings of $5.4bn for the third quarter, a 27% increase on the $4.3bn in the previous three-month period but lower than the $6bn recorded over the same period a year earlier."

"Wael Sawan, Shell's chief executive, said: Shell delivered another strong set of results, with clear progress across our portfolio and excellent performance in our marketing business and deepwater assets in the Gulf of America and Brazil. More than half of Shell's oil and gas volumes are extracted from projects in Brazil and the Gulf of Mexico, where this year it began production at the Whale platform."

Shell's year-to-date profits have risen above $43bn following a 20-year high in Gulf of Mexico production and a record in Brazil. Third-quarter earnings were $5.4bn, up 27% from the prior quarter but below the $6bn a year earlier. The company expects lower full-year profits versus 2024 because of weaker global oil and gas prices while maintaining what it describes as a strong balance sheet. More than half of Shell's oil and gas volumes come from Brazil and the Gulf of Mexico, supported by the Whale platform which produced more than expected and faster than planned. Shell reported a $509m UK tax charge for the first nine months under the energy profits levy, and ministers are considering an earlier end to the levy while the Treasury seeks assurances from companies about the implications of any change.

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