Shell reports highest profits in 115 yearson February 2, 2023 at 8:39 am

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

The surge in energy prices last year helps the firm to announce record profits of $39.9bn.

Breaking News image

Oil and gas giant Shell has reported record annual profits after energy prices surged last year following Russia’s invasion of Ukraine.

The company reported adjusted earnings of $39.9bn (£32.2bn) for 2022, the highest in its 115-year history.

Energy firms have been making record profits after oil and gas prices surged following Russia’s invasion of Ukraine.

The profits have heaped pressure on firms to pay windfall taxes as households struggle with inflation.

Last year, the UK government introduced a windfall tax – called the Energy Profits Levy – on the profits of firms to help fund its scheme to lower gas and electricity bills.

Oil and gas prices had begun to rise after the end of Covid lockdowns but surged after Russia’s invasion of Ukraine, resulting in bumper profits for energy companies.

The price of Brent crude oil climbed above $120 a barrel in March 2022, but has fallen back since. Oil prices are now below the level seen before the invasion of Ukraine.

- Advertisement -

Discover

Sponsor

Latest

Liverpool 0-1 Real Madrid: Thibaut Courtois hits out at criticson May 28, 2022 at 10:16 pm

Real Madrid goalkeeper Thibaut Courtois says he does not get enough respect - having produced a stunning performance to deny Liverpool in the Champions...

Andrew ‘Freddie’ Flintoff hurt in Top Gear accidenton December 13, 2022 at 11:16 pm

The BBC TV show co-host needed hospital treatment while filming at an aerodrome.Top Gear presenter Andrew 'Freddie' Flintoff has been hurt in an accident...

Roger Varian has seven winners at odds of 34,838-1 & Summerghand wins Ayr Gold Cupon September 17, 2022 at 5:29 pm

Roger Varian trains seven winners on Saturday at combined odds of 34,839-1, while Summerghand wins the Ayr Gold Cup.Roger Varian trains seven winners on...

Women’s Champions League draw: Arsenal to face eight-time winners Lyon, while Chelsea meet Paris St-Germainon October 3, 2022 at 11:38 am

Arsenal meet eight-time winners and holders Lyon in the Women's Champions League group stage, while Chelsea face Paris St-Germain.Arsenal meet eight-time winners and holders...

Do Business Plan Templates Make Sense For Your Business?

Is a business plan template the right tool for your business? Well, it really depends on your situation. It may not be the best...