Even with the battering to Mars, its biggest Gulf oil platform, which will not be up and running until late next year, Shell put the cost of the damage at $350 million (£196 million). That is about half the amount that BP factored in for its hurricane damage.

To do that, Shell needs to spend heavily and investment this year has been confirmed at $15 billion, but the revisions reflect higher costs more than extra opportunities, which is a little disappointing. The investment programme for next year, still to be confirmed, is likely to be higher with some analysts predicting an $18 billion capital expenditure budget, reflecting the large cost overrun at the Sakhalin liquefied natural gas project.

Shell has the money to spend after banking some $13.7 billion from disposals. There is also speculation that it could use these funds to go on the acquisition trail next year.

Although it is doubtful that Shell would mount a deal with oil at these prices, it may be tempted by a mid-sized company if there was a sudden drop back to the sub-$30 range.

On the dividend front, Shell is maintaining the same level that it distributed in the last quarter but has said that it will spend about $2.6 billion on share buybacks in the fourth quarter, which seems worth waiting for.

In the current climate of high oil prices, making $15 billion of investment will produce high returns but the oil price has to fall sooner or later. The energy industry’s spending boom will lead to increased production, prices will drift and Shell will find the world a more challenging place for a higher-cost producer. Hold.