Britain: Shell recorded the highest profits in its history in 2022

British energy giant Shell has posted the highest profits in its history in 2022, reaching $42.3 billion, more than double the previous year, thanks to a rise in hydrocarbon prices.

As with other major oil companies, Shell’s result was boosted by a pick-up in demand, which had weakened during the Covid-19 pandemic, as well as a drop in Russian exports following Moscow’s invasion of Ukraine.

Shell’s spectacular results follow those of its American competitors. ExxonMobil on Wednesday reported record profits of $55.7 billion in 2022 and Chevron last week more than doubled annual net profits to $35.5 billion.

Shell’s adjusted net profit (that is, without special items), which is the ratio analysts prefer to track, was $39.9 billion. Its turnover increased by 46%, to 381.3 billion dollars.

Shell posted its highest-ever annual profit, a spokesman for the group told AFP, which is also starting a $4bn share buyback program while raising its dividend by 15% for the fourth quarter last year.

In total, Shell is distributing $26 billion to its shareholders for 2022: investors are applauding and the group’s stock was up 1.99% just before 11:00 Greek time.

These results “demonstrate the strength of Shell’s diversified portfolio, as well as our ability to provide vital energy to our customers in a volatile world,” he said, expressing his satisfaction in a statement issued by new chief executive Wail Chawan.

The group had announced for 2021 profits of 20.1 billion dollars.

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