Shell said last month that a surprise tax imposed by the European Union and the United Kingdom after a spike in profits would cost the group about $2 billion.
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British oil giant Cover on Thursday posted its highest-ever annual profit, helped by soaring fossil fuel prices and strong demand since Russia’s all-out invasion of Ukraine last year. .
Shell reported adjusted earnings of $39.9 billion for the full year 2022. That easily surpassed the $28.4 billion in 2008 which Shell said was the company’s previous annual record. company and more than double the company’s full-year 2021 profit of 19.29 billion USD.
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Analysts polled by Refinitiv had expected full-year 2022 net profit to hit $38.3 billion.
For the final quarter of 2022, Shell reported adjusted earnings of $9.8 Billion.
Shell has announced a $4 billion share buyback program, expected to be completed before the first quarter results of 2023 — due to be announced in early May — and a 15% dividend increase. per share in the fourth quarter.
“Our results in Q4 and throughout the year demonstrate the strength of Shell’s differentiated portfolio and its ability to power our customers in a volatile world,” Shell CEO Wael Sawan said in his first earnings report since taking over as CEO. role on January 1.
“We believe Shell is well-positioned to be a trusted partner in the energy transition. As we continue to execute on our Powering Progress strategy, we will build on our core strengths, further simplify the organization and focus on performance,” he added.
Shell says its cash capital expenditure outlook for 2023 is between $23 billion and $27 billion.
Historical annual earnings step results for major U.S. oil companies ExxonMobil And letter Vwith the largest oil and gas companies of the West are expected to make a total profit of nearly 200 billion USD for the year, according to Refinitiv data.
The industry’s extraordinary earnings size has sparked criticism and sparked calls for a tax on Big Oil’s surprise profits.
Cover speak last month it expected a loss of $2 billion in the last three months of 2022 due to new taxes in the European Union and the United Kingdom.
Shares of the London-listed company are up about 1% year-to-date.
‘Energy impossible trio’
Shell, which is aiming to be a net zero-emissions business by 2050, said adjusted earnings for its Renewables and Energy Solutions division hit $293 million for the last three months of 2022. , down from $383 million in the third quarter.
In recent quarters, Big Oil executives have defended their growing profits and said the significant disruption to global energy markets due to the war in Ukraine has reaffirmed the importance of importance of helping to solve the “energy impossible trinity”.
According to a statement sent to investors from BP CEO Bernard Looney late last year, this refers to “lower carbon energy, safe and affordable”.
Climate campaigners and activist shareholders have been harshly criticized.
“We all have to call for profiteering like this,” speak Alice Harrison, fossil fuel campaign leader at advocacy group Global Witness.
Harrison describes the historic revenues of the energy giants as “disgraceful”, as “much of this is generated at the expense of millions of people who have been pushed into poverty by rising gas prices”. leap.”
US oil giant Exxon Mobil on Tuesday report profits of $56 billion for 2022, marking a historic high for the Western oil industry, while Chevron on Friday to post record profit of $36.5 billion for last year.
British oil boss BP scheduled to report full-year earnings on February 7, with France Total energy It is scheduled to take place on February 8.
