



Shell has more than doubled its annual profit to a record $39.9bn (£32.2bn) as the war in Ukraine sent oil and natural gas prices soaring.
The figure is one of the highest profits ever posted by a British company after Vodafone's £60bn in 2014 – following the sale of Verizon Wireless – and British American Tobacco's £38bn in 2017.
The London-based company said profits more than doubled from $19.3bn, after sales soared from $261.5bn to $381.3bn.
The figures included a profit of $9.8bn in the final three months of the year, following earnings of $30.5bn in the first nine months.
Shell's results come after the boss of BP said he wants to “dial back” its push into clean energy after US oil giants posted record profits on the back of booming demand for fossil fuels.
Exxon Mobil and Chevron also revealed unprecedented profits for 2022 after Russia’s invasion of Ukraine sent oil and gas prices rocketing higher.
Wael Sawan, Shell’s boss, said people should not assume the worst of the energy crisis is over.
He told Bloomberg: “In 2022, the mild weather in Europe has helped in reducing some of the draw on energy. At the same time there has been a destruction on demand in certain areas, in particular the industrial sector, so this is going to be a journey of years and I would caution anyone who looks ahead and assumes that the worst is over.”
Mr Sawan said the results demonstrated the company’s “differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world”.
The company said it had handed $6.3bn to shareholders in the quarter, through $1.8bn in dividends and a share buyback scheme worth $4.5bn. In 2022, share buybacks have totalled $18.4bn.
Shell said it was now launching another $4bn buyback programme as well, to be completed within the first three months of 2023.
The decision is likely to trigger further political controversy.
Joe Biden, the US President, has accused the oil giants of “war profiteering” and argues they should be piling investment into ramping up production – rather than the pockets of shareholders.
Greenpeace on Thursday accused the company of “profiteering from climate destruction and immense human suffering”.
Elena Polisano, a senior UK campaigner at the group, said: “While Shell counts their record-breaking billions, people across the globe count the damage from the record-breaking droughts, heatwaves and floods this oil giant is fueling.
“This is the stark reality of climate injustice, and we must end it.
“World leaders have just set up a new fund to pay for the loss and damage caused by the climate crisis. Now they should force historical mega polluters like Shell to pay into it.”