Shell profits possibly largest ever by UK-domiciled company

The company posted a record $39.9bn annual profit (£32.2bn), beating the previous record of $28.4bn, (£22.9bn), set in 2008.

It responded by announcing a $4bn share purchase back. This will boost its stock price and increase its dividend to 15%.

Shell’s annual profit has more than doubled to $39.9 billion (£32.2bn), as oil prices rose due to the war in Ukraine.

The energy giant plans to raise its dividend by 15% and boost the mood among shareholders by announcing a $4bn share buyback program (£3.2bn).

It also made a record profit of $9.8bn (£7.9bn), which was well above analyst estimates of $8.3bn. (£6.7bn).

Wael Sawan, the chief executive, stated that “We will remain disciplined while delivering compelling shareholder returns.”

“Our fourth quarter results and the whole year show the strength of Shell’s differentiated portfolio.”

After the Russian invasion of Ukraine, oil and gas prices rose dramatically, and Exxon Mobil (US) posted a record annual profit of $56 billion (£45bn).

The Liberal Democrats criticized Rishi Sunak’s inaction to implement a windfall tax to address the record profits of energy giant Shell.

Sir Ed Davey, leader of the Lib Dems, said:

These outrageous profits should not be made by any company from Putin’s invasion of Ukraine.

Rishi Sunak, as chancellor and now Prime Minister, was warned that we needed a windfall tax on Shell companies. He has yet to act.

This Government says that there is nothing they can do for families across the country who are struggling to heat and feed their families.

They should tax oil and gas companies correctly and ensure that energy bills do not rise in April.

Greenpeace activists have protested Shell’s record profits.

The mock-petrol station price board was set up outside Shell’s London headquarters. It displays Shell’s net profit for 2022.

The group accused the company of “profiteering off climate destruction and immense human suffering”.

Elena Polisano is a senior UK campaigner for the group. She said that Shell was counting their record-breaking billions while people around the world count the damage caused by the record-breaking heatwaves, droughts and floods this oil giant has fuelled.

“This is the harsh reality of climate injustice and it must be stopped.

“World leaders just created a new fund that will pay for the damage and loss caused by climate change. They should now force historic polluters such as Shell to contribute to it.

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