Shell records double to 40bn.

Shell's profits doubled to an all-time high of almost $40 billion in 2022 as it benefited from soaring

energy prices following Russia's invasion of Ukraine. Europe's biggest oil and gas group reported profits of $9.8 billion for the year's final three months, even as prices receded from their earlier highs, thanks to a bumper performance by its liquefied natural gas traders. The results beat analyst forecasts of under $8 billion for the fourth quarter and boosted Shell's full-year adjusted earnings to $39.9 billion. In addition, Shell rewarded shareholders by increasing its quarterly dividend by 15 per cent as planned and announcing that it would buy back another $4 billion of its shares this quarter.

Wael Sawan, Shell's new chief executive, said its results showed «the strength of Shell's differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world». Sawan, who succeeded Ben van Beurden at the start of the year, has already unveiled plans to rejig Shell's corporate structure and announced a strategic review of its UK household energy supply business. Energy prices soared last year after Russia curtailed gas supplies to Europe and western sanctions were imposed on Russian oil after the country invaded Ukraine. In addition, the group said last month that it had paid tax on its UK North Sea operations in 2022 for the first time in five years after the UK energy profits levy imposition.

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