Hong Kong/London CNN —
Shell set a record Profit of nearly $40 billion in 2022, more than double last year after oil and gas prices skyrocketed following Russia’s invasion of Ukraine.
Europe’s largest oil company by revenue on Thursday reported full-year adjusted profit of $39.9 billion — more than double 2021’s $19.3 billion — driven by a strong performance in its gas trading business. The company’s shares gained 1.7% in London.
The company reported earnings of $9.8 billion in the fourth quarter. A little over 40% of Shell’s full-year revenue came from its integrated gas business, which includes trading in liquefied natural gas.
Shell CEO Wael Sawan said the results “demonstrate the strength of Shell’s differentiated portfolio and our ability to deliver vital energy to our customers in a volatile world.”
The gains are the latest in a series of record results from the world’s largest energy companies, which have posted record profits thanks to rising oil and gas prices.
ExxonMobil reported record full-year earnings of $59.1 billion this week. Last month, Chevron (CVX) reported record full-year earnings of $36.5 billion.
This has led to renewed calls for higher taxes. Governments in the European Union and the UK have already levied windfall taxes on oil company profits, with the proceeds being used to help households struggling with soaring energy bills.
Shell said it expects to pay an additional $2.3 billion in taxes related to the EU windfall tax and the UK energy profits levy. The company paid $13 billion in taxes worldwide in 2022.
Shell (RDSA) also announced another $4 billion share buyback program and confirmed it would increase its dividend per share for the fourth quarter by 15%.
— This is an evolving story and will be updated.