Shell has reported a record profit of $11.5bn (£9.4bn) in the second quarter, more than double the $5.5bn (£4.5bn) a year earlier.

The oil giant had already smashed its quarterly record earlier in the year when it posted $9.1bn (£7.2bn) in profit, but figures continued to grow in the second quarter.

Shell attributed the huge numbers to higher prices, refining profits and gas trading, although this was partially offset by lower LNG trading.

Shell said that returns to its shareholders will remain “more than 30% of operating cash flows”.

Meanwhile, British Gas owner Centrica posted an operating profit of £1.3bn for the first six months of 2022, five times the £262m in the same period last year.

Britain’s biggest energy supplier managed to restore its dividend as profits surged, boosted by asset sales and soaring energy prices.

But the electricity and gas supplier was hit by British Gas, which saw first-half profits fall 43% from £172m in 2021 to £98m this year.

The UK’s price cap for the most widely used domestic energy contracts is expected to rise by at least 64% in October, which has already increased by 54% in April, contributing to rising inflation and falling costs of living.

Record cash is likely to flow into energy companies such as Shell reignite calls for a tougher emergency tax on extra profits from oil and gas, whose prices have soared fueled by Russia’s invasion of Ukraine and threats to cut off gas supplies to Europe.

Responding to then-Chancellor Rishi Sunak’s announcement of an energy profits tax, Shell said in May: “We have consistently emphasized the importance of a stable environment for long-term investment.

“This is vital to our aim to invest £20-25 billion in the UK over the next decade, mainly in low-carbon products and services, with a significant amount also aimed at securing the UK’s energy supply.

“We recognize the burden that rising energy prices are having on society as a whole, particularly on the vulnerable, and we are struggling to help our customers.”

Why are gas bills so high?
Mr Sunak had announced a new 25% tax on extraordinary profits made by the oil and gas sector, on top of the existing 40% tax rate, to fund relief for the cost of living crisis.

But companies could avoid most of the extra tax bills after the former chancellor doubled the relief they get for investing in new oil and gas production from 46p to 91p for every £1 invested in the UK.

In February, Shell announced that it hopes to direct 50% of its total spending to the energy transition by 2025, which includes the production of both low-carbon energy and non-energy products.

The Energy Transition Strategy, published last year, aims to phase out oil and gas production, including divestitures, by 1-2% per year until 2030.