By Imran Khan • 02 February 2023 • 11:59
Shell earns $40 billion in profits, more than double from previous record.
Photo by FotograFFF
British multinational oil and gas company Shell announced on Thursday, February 2, that they have delivered a record $40 billion (€36 billion) profit in 2022.
This announcement by the energy giant came at a time when global energy prices have been on the rise, following the invasion of Ukraine by Russia.
After the start of the war, high levels of volatility were seen in the oil, gas, and power markets from around the world.
Due to this, as per Reuters, companies such as Shell and its rivals benefitted from the situation because of their large global footprint and leading trade operators.
The shareholders of the company also made huge returns after the record earnings more than doubled in 2022, in comparison to the previous year.
“We intend to remain disciplined while delivering compelling shareholder returns,” said, Wael Sawan, chief executive of Shell.
He added, “The company is in very good health. We have absolutely the right strategy and my core focus over the coming decade is to make sure that I can support the company as we operationalize strategy”.
Shell also reportedly posted a profit of $9.8 billion (€8.92 billion) during the fourth quarter of 2022.
As per the company, they made this profit after making strong recoveries from liquified natural gas.
Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you donâ€™t already have one. Review our
Download our media pack in either English or Spanish.