Oil Majors Post Record Q3 Profits on War-Driven Hydrocarbon Surge

Shell, TotalEnergies, and Repsol reported record third-quarter profits, with TotalEnergies net income more than doubling to $8.3B, driven by elevated hydrocarbon prices linked to Middle East and Ukraine conflicts. The surge reignites criticism of 'superprofits' and raises prospects of windfall taxes, though the sustainability of prices remains uncertain amid potential supply responses.

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