Skip to Content

Shell profit doubles to record as war drives up energy costs

KION

By KELVIN CHAN
AP Business Writer

LONDON (AP) — Global energy giant Shell says annual profits doubled to a record high last year as oil and gas prices soared after Russia’s invasion of Ukraine. London-based Shell Plc on Thursday posted adjusted earnings of $39.9 billion for 2022 and $9.8 billion in the fourth quarter. Shell is the latest oil company to report bumper profits even as the fossil fuel industry faces increasing pressure to cut climate-changing carbon emissions. Shell is also raising its dividend payout by 15% and buying back $4 billion worth of shares. It highlights the tension between energy company shareholders seen as reaping big profits and consumers weighed down by higher costs for heating their homes and filling up their cars.

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KION 46 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content