Oil and gas companies racked up handsome earnings in this year’s third quarter on the back of high oil and natural gas prices, continuing a record-breaking streak that has seen the major producers launch massive share buy-backs and dividend payouts to shareholders.

The results, a stark turnaround from the early days of the Covid pandemic two years ago, have cheered executives and investors.

But the celebration has been tempered somewhat by a still-volatile market and increasing calls for windfall taxes to help offset high energy costs for consumers.