Shell’s finance chief has called “certainty” on UK Government oil and gas policy as the shockwaves continued to reverberate from Chancellor Rachel Reeves’ radical Budget on Wednesday.

Sinead Gorman was responding to the announcement from Ms Reeves that the energy profits levy, known more commonly as the windfall tax, will increase to 38% from 35%, though the 100% first-year capital allowance for investment remains in place.

The measures were included in a controversial Budget – Labour’s first since 2010 - which saw the Chancellor hike employer national insurance contributions to 15% from 13.8% in a bid to restore the public finances. Changes to employer national insurance contributions, which have drawn an angry response from the business community, are expected to raise £25 billion.

Ms Gorman was commenting on the changes to the windfall tax as Shell beat expectations by reporting a third-quarter profit of $6bn (£4.64bn), compared with analysts’ expectations of $5.36bn, despite lower crude prices and weaker refining margins.

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"Elected officials just have to balance budgets in the best way they see fit,” Ms Gorman said. "We have to look for policies that provide certainty... We invest over the long term.”

She added: "We have seen a number of changes in the fiscal policy... in the last few years, but we continue to engage constructively with the Government on alternative fiscal regimes to support the future of the North Sea and that energy transition in the UK."

The Shell update came after fellow oil major BP reported its worst quarterly profits in nearly four years on Tuesday. BP reported an underlying replacement cost profit of $2.3bn, slightly better than the $2.1bn anticipated by analysts, as demand for oil slowed amid lower global economic activity, particularly in China.

While Shell’s performance beat expectations, it came in for criticism after it emerged the company's investments in renewable energy fell to 8% of its overall spending budget. The firm’s third-quarter results showed investment by its Renewables & Energy Solutions division dipped to $409m out of overall capital expenditure of $4.95bn.

“By continuing to bet on fossil fuel expansion, the board of Shell jeopardises the future of the company,” says Mark van Baal, founder of activist shareholder group Follow This.

Shell said it would give more returns to investors by buying back a further $3.5bn (£2.69bn) of its shares. It marks the twelfth consecutive quarter that Shell has rewarded shareholders with more than three billion dollars (£2.31bn) in buybacks.

Chief executive Wael Sawan said: “Shell delivered another set of strong results. We continue to deliver more value with less emissions, whilst enhancing the resilience of our balance sheet. Today, we announce another $3.5bn buyback programme for the next three months, making this the 12th consecutive quarter in which we have announced $3bn or more in buybacks."

John Moore, senior investment manager at wealth manager RBC Brewin Dolphin, said: “Although exceeding expectations, the oil price has still played its role in Shell’s performance over the last quarter. But, compared with some of its peers, the business has retained its focus and tried not to overcomplicate its core energy offering. That said, it faces into emerging markets where progress in areas such as transitioning from coal to liquefied natural gas (LNG) is perhaps not as speedy as it would like. Shell’s management team has left the door open for a switch to a US listing, which could positively impact future valuations and is certainly one to watch for investors.”