Global energy giant Shell said Thursday that its annual profits doubled to a record high last year as oil and natural gas prices soared after Russias invasion of Ukraine.
Shell made a record profit of almost $40 billion in 2022, more than double what it raked in the previous year after oil and gas prices soared following Russia’s invasion of Ukraine.
Europe’s largest oil company by revenue reported adjusted
full-year earnings of $39.9 billion— more than double the $19.3 billion it
posted in 2021 — driven by a strong performance in its gas trading business.
Just over 40 per cent of Shell’s full-year earnings came
from its integrated gas business, which includes liquefied natural gas trading
operations. The unit was responsible for almost two thirds of Shell’s $9.8
billion profit in the final three months of the year, CNN reported.
Shell Chief Executive Officer, Wael Sawan, said the results
“demonstrate the strength of Shell’s differentiated portfolio, as well as our
capacity to deliver vital energy to our customers in a volatile world.”
Also, Exxon Mobil posted a quarterly profit of nearly $20
billion, the highest quarterly profit in company history amid a surge in oil
prices during the quarter.
The earnings are the latest in a series of record-setting
results by the world’s biggest energy companies, which have enjoyed bumper
profits off the back of soaring oil and gas prices.
ExxonMobil posted record full-year earnings of $59.1
billion. Last month, Chevron reported a record full-year profit of $36.5
billion.
That has led to renewed calls for higher taxation. Governments
in the European Union and the United Kingdom have already imposed windfall
taxes on oil company profits, with the proceeds used to help households
struggling with rising energy bills.
Shell said it expected to take an additional $2.3 billion tax
charge in 2022 related to the EU windfall tax and the UK energy profits levy.
The company paid $13.1 billion in tax globally in 2022.
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