Shell yesterday posted a record $40 billion profit in 2022. This capped a tumultuous year in which Russia’s invasion of Ukraine allowed the energy giant to hand shareholders unprecedented returns. The British company also announced a record fourth-quarter profit of $9.8 billion on the back of a strong recovery in earnings from its liquefied natural gas (LNG) trading, beating analyst forecasts for an $8 billion profit. According to the company, its annual earnings reached $39.9 billion, doubling from a year earlier and far exceeding the previous record of $31 billion in 2008.
It also announced a new $4 billion share buyback programme over the next three months, unchanged from the previous three months. The $40 billion is one of the highest profits ever posted by a British company after Vodafone’s £60bn in 2014 – following the sale of Verizon Wireless – and British American Tobacco’s £38bn in 2017. 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.