British company's record earnings is more than double from a year earlier, intensifying pressure on governments to further raise taxes on the sector as consumers struggle to afford fuel.
Shell has delivered a record $40 billion profit in 2022, capping a tumultuous year in which a surge in energy prices after Russia's military campaign in Ukraine allowed the energy giant to hand shareholders unprecedented returns.
The British company's record earnings announced on Thursday is more than double from a year earlier, mirroring those reported by US rivals earlier this week and are certain to intensify pressure on governments to further raise taxes on the sector.
"We intend to remain disciplined while delivering compelling shareholder returns," Chief Executive Wael Sawan said in a statement on the first set of earnings since he took the helm on January 1.
Shell also posted a record fourth-quarter profit of $9.8 billion on the back of a strong recovery in earnings from liquefied natural gas (LNG) trading, beating analyst forecasts for an $8 billion profit.
Annual profit reached $39.9 billion, more than doubling from a year earlier and far exceeding the previous record of $31 billion in 2008.
Shell boosted its dividend by 15 percent in the fourth quarter, as previously announced, for the fifth increase since delivering a more than 60 percent cut in the wake of the 2020 COVID-19 pandemic.
The company also announced a new $4 billion share buyback programme over the next three months, unchanged from the previous three months. It bought back $19 billion of shares in the year to February 2023, nearly double the total in pre-pandemic 2019.
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