Shell posts nearly $40 billion in profit and announces $4 billion in buybacks

Hong Kong / London

Shell set a record About $40 billion in 2022, more than twice as much rake in previous year after Oil and gas prices have gone up After the Russian invasion of Ukraine.

Europe’s largest oil company by revenue reported an adjusted annual profit of $39.9 billion on Thursday – more than double the $19.3 billion it made in 2021 – driven by a strong performance in the gas trade. The company’s shares rose 1.7% in London.

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

Wael Sawan, Shell’s chief executive officer, said the results “demonstrate the strength of Shell’s premium portfolio, as well as our ability to provide vital energy to our customers in a volatile world.”

The earnings are the latest in a string of record results for the world’s largest energy companies, which have enjoyed bumper profits on the back of soaring oil and gas prices.

ExxonMobil published this week Record Full year earnings of $59.1 billion. Last month, Chevron

It posted a record full-year profit of $36.5 billion.

This has led to renewed calls for higher taxes. Governments in the European Union and the United Kingdom have already levied windfall taxes on oil companies’ profits, with the proceeds being used to help families struggling with soaring energy bills.

Shell said it expects to pay an additional $2.3 billion in taxes related to the EU windfall gains tax and the UK energy dividend tax. The company will pay $13 billion in taxes globally in 2022.


It also announced and confirmed another $4 billion share buyback program raise its profits per share down 15% for the fourth quarter.

This is a developing story and will be updated.

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