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.
London-based Shell Plc posted adjusted earnings of $39.9 billion for 2022 in its financial results for the final three months of the year. Adjusted earnings in the fourth quarter, which exclude one-time items and fluctuations in the value of inventories, rose by 50%, to $9.8 billion, from the same period a year earlier.
It's the first earnings report presented by Sawan since he took over as chief executive at the start of the year, replacing Ben van Beurden, who stepped down after nine years. Sawan also has reorganized the company’s core business units. The results were "truly stunning" and "will do nothing to quieten demands for further windfall taxes to redistribute some of the bounty Shell has enjoyed this year thanks to the Ukraine-inspired disruption to global energy markets," said Russ Mould, investment director at financial services company AJ Bell.
"For the millions of people globally who are struggling with the high cost of energy or the impacts of the climate crisis, Shell reaping in record profits will rightly feel incredibly unfair," said Alice Harrison of Global Witness, a nonprofit that advocates for environmental sustainability and corporate responsibility.
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