Shell (SHEL.L) delivered a record $40 billion profit in 2022, the energy giant said on Thursday, capping a tumultuous year in which a surge in energy prices after Russia’s invasion of Ukraine allowed it to hand shareholders unprecedented returns.
The British company’s record earnings, which more than doubled from a year earlier, mirror those reported by U.S. rivals earlier this week and are certain to intensify pressure on governments to further raise taxes on the sector.
“We intend to remain disciplined while delivering compelling shareholder returns,” Chief Executive Wael Sawan said in a statement on the first set of earnings since he took the helm on Jan. 1.
Shell also posted record fourth-quarter profit of $9.8 billion on the back of a strong recovery in earnings from liquefied natural gas (LNG) trading, beating analyst forecasts for an $8 billion profit.
The annual profit of $39.9 billion far exceeded the previous record of $31 billion in 2008. It was driven by higher oil and gas prices, robust refining margins and a strong trading.
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