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Oil majors reap bumper profits
LONDON: Oil and gas giants Shell and TotalEnergies on Thursday reported soaring quarterly net profits as the Middle East war pushed up hydrocarbon prices — and the cost of living around the world. Britain’s Shell said profit after tax more than doubled year-on-year to $12.1 billion in the third quarter. France’s TotalEnergies net profit hit a new record of $8.3 billion in the July-September period. Rising fossil fuel prices also saw Spanish oil group Repsol quadruple its net profit over the first nine months of the year, to 5 billion euros ($5.6 billion). Energy majors are reaping bumper profi...
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