Global energy giant Shell said Thursday that its annual profits doubled to a record high last year as oil and natural gas prices soared after Russia invaded Ukraine.
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.
Shell is the latest oil company to report bumper profits, which risks reigniting public anger that the fossil fuel industry do more to offset high energy bills for households and small businesses as well as cut climate-changing carbon emissions. U.S.-based Exxon Mobil also posted record annual profits days earlier, while U.K. rival BP and France's TotalEnergies reported huge quarterly profits last year.
The results demonstrate Shell's "capacity to deliver vital energy to our customers in a volatile world," new CEO Wael Sawan said in a statement.
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.
Sawan, who has worked for Shell for 25 years, was previously director of its integrated gas, renewables and energy solutions business. His appointment was seen as a part of Shell's strategy to take what it calls a leading role in the energy transition despite criticism that it's been slow to cut emissions.
Shell also is raising its dividend payout by 15% and buying back $4 billion worth of shares -- moves that underline 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.
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 AJ Bell, an investment service platform.
Russia's war in Ukraine sent global energy prices surging, with natural gas prices in Europe hitting record levels last summer and oil hovering at $120 per barrel. They have since come down, but natural gas prices are still three times what they were before Russia massed troops on the Ukrainian border.
To ease the pain on households and consumers, the European Union and individual countries like Britain and Italy have imposed windfall taxes on energy companies, and U.S. President Joe Biden has raised the idea of a war profit tax.
Shell expected to pay an extra $2.3 billion in taxes to cover the EU and U.K. windfall levies for 2022. The company said it paid out $26 billion to shareholders last year in dividends and share buybacks.
"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.
Global Witness filed a complaint Wednesday with U.S. regulators accusing the company of greenwashing. The group asked the Securities and Exchange Commission to investigate whether Shell broke securities laws and misled investors about the extent of its renewable energy investments.
Global Witness says its analysis shows that 1.5% of Shell's capital spending went to wind and solar power generation, compared with the 12% that the company claimed in its 2021 annual report.
Greenpeace activists have occupied a vessel in the North Sea transporting a Shell oil production platform to protest the environmental damage by fossil fuel companies. Four activists raised a banner that said "Stop Drilling, Start Paying," according to photos posted online by Greenpeace this week.
A new round of airstrikes hit Beirut suburbs late Sunday as Israel intensified its bombardment of northern Gaza and southern Lebanon in a widening war with Iran-allied militant groups across the region. Palestinian officials said a strike on a mosque in Gaza killed at least 19 people.
A unique form of clouds made an appearance over the skies of Ottawa on Sunday evening.
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Christopher Ciccone, a multihyphenate artist, dancer, designer and younger brother of Madonna, has died. He was 63.
The people of Fort Chipewyan believe the federal government knew its water was contaminated and hid the issue for years. Now the chief of the Athabasca Chipewyan First Nation is leading the call for immediate action.
New data raises questions about the drinks people consume and the potential risks associated with them, according to researchers at Galway University in Ireland, in partnership with Hamilton鈥檚 McMaster University.
A 54-year-old inmate at the Toronto South Detention Centre has been charged in connection with a deadly jail beating late last week that claimed the life of a 69-year-old prisoner.
The Archbishop of Toronto is among 21 new cardinals Pope Francis named Sunday and the lone new cardinal from North America.
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A new round of airstrikes hit Beirut suburbs late Sunday as Israel intensified its bombardment of northern Gaza and southern Lebanon in a widening war with Iran-allied militant groups across the region. Palestinian officials said a strike on a mosque in Gaza killed at least 19 people.
Advocacy groups behind a so-called suicide capsule said Sunday they have suspended the process of taking applications to use it as a criminal investigation into its first use in Switzerland is completed.
Donald Trump's fourth scheduled stop in eight days in Wisconsin is a sign of his increased attention as Republicans fret about the former president's ability to match the Democrats' enthusiasm and turnout machine.
British Prime Minister Keir Starmer's chief of staff quit on Sunday, citing concerns that growing news reports about her role 'risked becoming a distraction to the government.'
As a junior at George Washington University, Ty Lindia meets new students every day. But with the shadow of the Israel-Hamas war hanging over the Washington, D.C., campus, where everyone has a political opinion, each new encounter is fraught.
It was a year ago when Jomana Siddiqui visited Lebanon, where her father was born 鈥 and is now buried. She planned to return there soon; this time, she thought, she would take her two teenage daughters.
Justin Trudeau will travel to Laos later this week for the ASEAN summit, marking what his office says will be the first official visit of a Canadian prime minister to the Southeast Asian country.
In an interview with CTV鈥檚 Question Period host Vassy Kapelos, airing Sunday, Cohen said that despite the failed attempt at a pause, he still believes a ceasefire is possible.
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Rwandan health authorities will begin a vaccine study against the Marburg hemorrhagic fever, officials said Sunday, as the East African country tries to stop the spread of an outbreak that has killed 12 people.
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New data raises questions about the drinks people consume and the potential risks associated with them, according to researchers at Galway University in Ireland, in partnership with Hamilton鈥檚 McMaster University.
Scientists announced on Thursday a milestone in neurobiological research with the mapping of the entire brain of an adult fruit fly, a feat that may provide insight into brains across the animal kingdom, including people.
For humans, flashing a smile is an easy way to avoid misunderstanding. And, according to a new study, bottlenose dolphins may use a similar tactic while playing with each other.
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A five-seat sushi counter located inside another restaurant is the latest Vancouver eatery to receive a Michelin star.
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Vanderbilt takes down AP poll No. 1 Alabama 40-35 in historic college football victory.
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Tesla is recalling more than 27,000 Cybertrucks because the rearview camera image may not activate immediately after shifting into reverse, the fifth recall for the vehicle since it went on sale late last year.
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Bubi鈥檚 Awesome Eats, located on University Ave West took to social media to announce the closure on Friday.
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A man parked a minivan in front of Vancouver City Hall Sunday evening and set it ablaze, according to police.
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A 54-year-old inmate at the Toronto South Detention Centre has been charged in connection with a deadly jail beating late last week that claimed the life of a 69-year-old prisoner.
The Archbishop of Toronto is among 21 new cardinals Pope Francis named Sunday and the lone new cardinal from North America.
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The Carleton Ravens came within a field goal of their first Panda Game victory since 2017, but ultimately came short of breaking the University of Ottawa Gee Gees winning streak on Sunday.
Ontario Provincial Police say a man has died after striking obstacles on the St. Lawrence River while driving a personal watercraft.
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Monday marks one year since the Hamas attack that killed 1,200 Israelis and triggered the ongoing war in Gaza.
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Monday is the first anniversary of the Hamas attack in Israel that killed 1,200 people and sparked a war that has since spread beyond the borders of the Gaza Strip.
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RCMP in Sussex, N.B., are asking the public for help locating a missing 61-year-old woman from Wards Creek, N.B.
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An annual vintage sale known as 鈥淎rt from the Attic鈥 returned to St. Vital Centre Sunday, with thousands of collectibles and art pieces on display.
For the 52nd week, pro-Palestinian protesters rallied in Winnipeg, calling for peace in the Middle East amid the ongoing Israel-Hamas war.
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Saskatchewan's two major political parties made campaign stops in Moose Jaw Saturday with both promising to invest into the city if elected on Oct. 28.
According to police, officers responded to reports of a stabbing in the area of Victoria Street North and St. Ledger Street around 5:30 a.m. Sunday.
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The Saskatchewan Teachers' Federation hosted a virtual election forum on education Thursday evening, giving candidates in the provincial election a chance to share their thoughts and answer questions on issues teachers find most important.
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Tears were shed and emotions ran high at the 33rd annual CIBC Run for the Cure in downtown London, Ont. on Sunday.
The London Knights continue to get players back from NHL training camps but while the roster takes shape, wins have been tough to come by in the early season.
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Fire crews are investigating a Saturday evening fire at a barn in Oro-Medonte.
The first Sunday of October was also the first Sunday of Breast Cancer Awareness Month, which meant hundreds wore pink and attended the two CIBC 'Run for the Cure' events in the region.
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Bubi鈥檚 Awesome Eats, located on University Ave West took to social media to announce the closure on Friday.
NDP Leader David Eby promised Sunday to support police in British Columbia to keep illegal guns off the streets and protect communities, but accused B.C. Conservative Leader John Rustad of planning to make the province less safe.
The calculus of predicting an election and identifying its key battlegrounds is complex enough in any race, but observers of the British Columbia poll this month are facing a pair of unknown quantities that make the math even more confounding.
Police on Vancouver Island have made an arrest in the case of a 78-year-old woman found dead in her home almost two years ago.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
NDP Leader David Eby is promising to offer a $75-million loan forgiveness program to entice doctors, nurses and heath professionals to expand health-care services in rural British Columbia.
Three young suspects have been arrested in connection with a swarming attack on a teenager in B.C.'s Okanagan last week 鈥 and authorities have asked the public to stop circulating disturbing videos of the incident.
While the summer may be over, construction season in Lethbridge is not.
Lethbridge police executed dozens of warrants and laid numerous charges in another targeted enforcement project in the downtown area.
A person was airlifted to hospital following a serious crash in Taber, Alta., on Friday morning. Taber RCMP responded to the scene on Highway 864 around 10:30 a.m., for a crash involving an SUV and a semi-truck.
As part of an ongoing investigation, provincial police are seeking the public鈥檚 assistance in locating a Kubota tractor stolen in North Shore Township, Ont., last month.
A 33-year-old man was arrested Saturday for allegedly spraying bear mace at three individuals in northwestern Ontario.
A drug raid on a home on the Far North Attawapiskat First Nation last week resulted in two local residents being charged and more than $50,000 in suspected narcotics, including methamphetamine, being seized.
He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event's undisputed champion.
A mother in a community where the cost of living is one of the highest in the country says grocery prices are 'inhumane' and retailers are putting profits ahead of people鈥檚 basic human right to food.
A soccer game in England on Tuesday night drove a spike in online traffic across the Atlantic to a website launched by the Newfoundland and Labrador government.
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