Skip to content

Hong Kong / London

Shell made a record Profits of almost $40 billion in 2022, more than double what he collected in the previous year, when oil and gas prices soared after Russia’s invasion of Ukraine.

Europe’s biggest oil company by revenue on Thursday reported an adjusted full-year profit of $39.9 billion, double the $19.3 billion it posted in 2021, driven by strong performance in its gas trading business. The company’s shares rose 1.7% in London.

The company reported fourth-quarter earnings of $9.8 billion. Just over 40% of Shell’s full-year profit came from its integrated gas business, which includes trading in liquefied natural gas.

Shell CEO Wael Sawan said the results “demonstrate the strength of Shell’s diversified portfolio, as well as our ability to deliver vital energy to our customers in a volatile world”.

The earnings are the latest in a series of record results for the world’s biggest energy companies, which have benefited from higher oil and gas prices.

ExxonMobil reported record revenue of $59.1 billion this week. Last month, Chevron ( CVX ) reported a record full-year profit of $36.5 billion.

This has led to renewed calls for higher taxation. The governments of the European Union and the United Kingdom have already imposed windfall taxes on oil company profits, the proceeds of which are used to help households struggling with rising energy costs.

Shell said it expects to pay an additional $2.3 billion in tax due to a windfall EU tax and a charge on UK energy profits. The company has paid 13 billion dollars in taxes worldwide in 2022.

Shell ( RDSA ) also announced another $4 billion share buyback program and confirmed it will raise its dividend per share by 15% for the fourth quarter.

This is a developing story and will be updated.



Leave a Reply

Your email address will not be published. Required fields are marked *