In brief

• Shell, TotalEnergies and Repsol reported multi-billion-euro profits for the third quarter, helped by higher crude prices.
• Shell's quarterly profit was $12.1 billion, more than double a year earlier.
• German Greens are calling for an EU-wide levy on fossil fuel profits, while France has asked TotalEnergies to limit pump prices.

Shell and TotalEnergies double their profits

British energy group Shell earned $12.1 billion (€10.9 billion) between July and September, according to its quarterly figures (Shell und TotalEnergies: Quartalsgewinne dank hohem Rohölpreis verdoppelt – DER SPIEGEL). That is more than twice the $5.43 billion it booked in the same period a year earlier and the highest quarterly result since 2022. French rival TotalEnergies lifted its net income to more than €8 billion, also roughly double the year-earlier level (Hoher Rohölpreis - Europäische Ölkonzerne fahren hohe Milliardengewinne ein - Grüne fordern Sonderabgabe – Deutschlandfunk).

Repsol quadruples nine-month earnings

Spanish company Repsol quadrupled its net profit in the first nine months of the year to €5 billion (Hoher Rohölpreis - Europäische Ölkonzerne fahren hohe Milliardengewinne ein – Deutschlandfunk). Across the three companies, the results point to a sharp rise in margins as crude prices climbed after the Iran war disrupted supply.

Pressure on fuel prices

The French government has asked TotalEnergies to voluntarily cap or lower pump prices. Motorists across Europe have been hit by high fuel costs, and the earnings reports have revived the debate over taxing excess profits.

Greens push for a windfall levy

Germany's Greens renewed their call for a special levy on oil company profits. Climate policy spokesperson Lisa Badum told Reuters that while households struggle with expensive fuel and the effects of the climate crisis, Shell, Total and other majors are again posting record profits. The party wants an EU-wide levy on fossil fuel gains.