By Enyichukwu Enemanna
Energy giant Shell, has announced recorded annual profits of $39.9 billion after an increase in the prices of oil and gas prices following Russia’s invasion of Ukraine last February.
The British company’s earnings in 2022 almost at $40bn was the highest in its 115-year history, a milestone that has angered many Britons struggling with a cost-of-living crisis largely driven by inflated energy bills.
Shell’s 2022 annual profits are more than doubling from a year earlier and surpassing a previous record of $31bn in 2008.
The results demonstrate Shell’s “capacity to deliver vital energy to our customers in a volatile world”, new CEO Wael Sawan said in a statement.
He added, “We believe that Shell is well positioned to be the trusted partner through the energy transition.”
Russia’s war in Ukraine has rocked global energy markets and Shell, like its competitors, has benefitted through its large global footprint and leading trading operations.
Governments struggling with increasing energy bills have responded by imposing windfall taxes on the energy sector.
Shell said it expects about $2.4bn in costs related to the levies in 2022. At the beginning of January, the company announced it will pay tax in the UK for the first time since 2017.
