Shell announces nearly $40 billion profit and $4 billion acquisition announcement
Shell set a record profits of nearly 40 billion dollars in 2022, more than double that of it scratched next year Petrol prices soar after Russia invaded Ukraine.
Europe’s largest oil company by revenue reported adjusted full-year earnings of $39.9 billion on Thursday – more than double the $19.3 billion it announced. announced in 2021 – thanks to a well-functioning gas business. Shares of the company 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 income comes from its integrated gas business, which includes liquefied natural gas businesses.
Shell CEO Wael Sawan said the results “demonstrate the strength of Shell’s differentiated portfolio, as well as its ability to deliver critical energy to our customers in a volatile world. ”
The earnings are the latest in a series of record-setting results by the world’s largest energy companies, which have enjoyed strong profits thanks to soaring oil and gas prices.
ExxonMobil this week posted take note full year earnings of $59.1 billion. Last month, Chevron
(CVX) reported a record full-year profit of $36.5 billion.
That has led to renewed calls for higher taxes. Governments in the European Union and the United Kingdom have imposed an extraordinary income tax on the profits of oil companies, with the proceeds to be used to help struggling households with increasing energy bills.
Shell said it expected to pay an additional $2.3 billion in taxes related to the EU surprise tax and the UK energy profits tax. The company paid $13 billion in taxes globally in 2022.
(RDSA) also announced another $4 billion stock buyback program and confirmed that it will dividend increase per share rose 15% in the fourth quarter.
— This is a developing story and will be updated.