Due to the enormous increase in the price of oil and natural gas following Russia’s invasion of Ukraine, global energy giant Shell’s annual revenues reached a new high last year, tripling from the previous year.
During the last three months of 2022, London-based Shell Plc recorded an adjusted profit of $39.9 billion, as reported by the Associated Press. Net income for the year’s last quarter rose to $9.8 billion after adjusting for one-time factors including stock price fluctuations and exceptional occurrences.
Exxon Mobil’s 2017 profit of $56 billion was a new all-time high. According to The New York Times, Chevron’s $36 billion in earnings represents a new benchmark for corporate success.
Despite increasing pressure on the fossil fuel business to decrease carbon emissions and government measures to collect bigger windfall taxes, Breitbart News reports that Shell has revealed bumper earnings, the biggest in its 115-year history.
Competitors BP of the UK and TotalEnergies of France both claimed large quarterly profits in the same year that Exxon Mobil declared its record-breaking annual profitability.
The new CEO, Wael Sawan, said in a statement obtained by the Associated Press that the findings demonstrate Shell’s “capacity to deliver critical energy to our customers in an unpredictable climate.”
Shell has repurchased $4 billion in shares and raised its dividend distribution by 15%, highlighting the friction between energy firm shareholders who are considered to be earning enormous profits and customers who are burdened by greater expenses for heating their homes and fuelling their cars daily.