Hong Kong/London
CNN
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Shell made a record In the year A profit of nearly $40 billion in 2022, double that of last year, after oil and gas prices rose after Russia’s invasion of Ukraine.
Europe’s biggest oil company reported earnings on Thursday of full-year revenue of $39.9 billion – the highest in 2018. More than double the $19.3 billion it posted in 2021 – thanks to strong performance in its gas trading business. The company’s shares rose 1.7 percent in London.
The company reported a profit of $9.8 billion in the fourth quarter. More than 40% of Shell’s full-year revenue comes from its integrated gas business, which includes liquefied natural gas trading operations.
Shell CEO Wael Sawan said the results “demonstrate the strength of Shell’s diversified portfolio as well as our ability to deliver essential energy to our customers in a changing world.”
The earnings were the latest in a series of record-setting results for the world’s biggest energy companies, which have seen profits rise as oil and gas prices rise.
ExxonMobil reported full-year revenue of $59.1 billion this week. Last month, Chevron (CVX) reported a full-year profit of $36.5 billion.
This led to a call for higher taxes. Governments in the European Union and the United Kingdom have imposed a windfall tax on oil company profits, with the proceeds used to help families struggling with rising energy bills.
Shell said it expects to pay an additional $2.3 billion in taxes related to the EU’s wind power tax and the UK’s energy surplus levy. The company paid $13 billion in taxes globally by 2022.
Shell ( RDSA ) also announced another $4 billion share buyback program and confirmed it will raise its dividend per share by 15 percent for the fourth quarter.
– This is a developing story and will evolve.
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