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02nd Feb 2023

Shell announces all-time record annual profits of almost $40bn

Charlie Herbert

Shell profits

Another oil company announces record profits.

Shell has announced record annual profits of $39.9bn (€36.31). The London-listed company made more than €76bn in 2022, but once adjusted earnings are taken into account, this gave the company a profit of €35.99bn.

The profits also came thanks to bumper gas prices as Russia’s invasion of Ukraine led countries to reduce their reliance on Russian fuel imports. The majority of profits came from Shell’s gas operations, Sky News reports.

Meanwhile, the average cost of an unleaded litre of petrol reached a record high in July, after the price of Brent crude oil reached nearly $128 a barrel following Russia’s invasion.

This has since fallen back to around $83, but companies have already managed to benefit from the period of soaring costs.

Shell is just the latest energy company to announce record profits as prices rose in the wake of the war in Ukraine.

This week oil and gas company Exxon Mobil recorded a net profit of $56bn in 2022, a record high for the entire Western oil industry.

And in August last year, BP reported its second-highest profits in its history. The company made $8.45bn in underlying profits for the second quarter of 2022, more than three times the amount it made in the same period the year before.

Shell chief executive Wael Sawan said: “Our results in Q4 and across the full year demonstrate the strength of Shell’s differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world.

“We believe that Shell is well positioned to be the trusted partner through the energy transition.”

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