Posted on by

Shell’s Profit Soared to $42 Billion in 2022



Share

Shell, Europe’s largest energy company, reported a bumper annual profit for 2022 on Thursday: $42.3 billion, more than double its 2021 total and probably a record for any Britain-based company.The company, like other global energy giants, has been raking in cash because of high oil and natural gas prices, caused in part by the war in Ukraine. On Wednesday, Exxon Mobil reported $56 billion in annual profit, a record for the company.The numbers, which beat expectations, showed that Shell is cashing in on its world-leading position in liquefied natural gas. Russia’s decision to cut off natural gas supplies to pipelines in Europe has triggered a boom in L.N.G., which is transported on ships from producers like the United States, Qatar and Australia. Most of Shell’s fourth-quarter profit came from the business unit that includes L.N.G.For the fourth quarter alone, it had $9.8 billion in adjusted earning …

Read More