Energy giant Shell closes out ‘volatile’ year with record profits

London, Feb 2 (EFE).- Oil and gas giant Shell reported a record annual profit of nearly $40 billion in 2022, a 110% increase compared to the previous year.

The British multinational reported takings of $9.8 billion in the final quarter of last year to bring its total adjusted earnings $39.8 billion.

Fossil fuel companies reported higher earnings across the board in Q3 of 2022 as gas prices jumped in the wake of Russia’s invasion of Ukraine.

While oil and gas prices dropped in Q4, Shell said in its Thursday report that it has boosted its earnings with higher trade in liquefied natural gas (LNG) and optimization results.

“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,” Shell CEO Wael Sawan said in the press release.

The company on Thursday also announced $4 billion in share buybacks to be completed before the results for Q1 of 2023 are released.EFE

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