Shell reports record 2022 profit of 40 bln USD

LONDON, Feb. 2 (Xinhua) -- Oil and gas giant Shell on Thursday reported a record annual profit of 39.9 billion U.S. dollars for 2022, more than double that of the year earlier and far exceeding the previous record set in 2008.

Its adjusted earnings in the fourth quarter (Q4) reached 9.8 billion U.S. dollars, also surpassing the previous quarter, despite lower oil and gas prices, with higher liquefied natural gas (LNG) trading and optimization results, the company said in a press release.

"Our results in Q4 and across the full year demonstrate the strength of Shell's differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world," Chief Executive Officer Wael Sawan said.

The record profit again sparked discussions about windfall taxes as the British government has been struggling with rising energy bills.

As the British people face an energy price hike of 40 percent in April, Prime Minister Rishi Sunak "is letting the fossil fuel companies making bumper profits off the hook with his refusal to do a proper windfall tax," Shadow Secretary of State for Climate Change and Net Zero Edward Miliband said on social media on Thursday.

Back in November 2022, Chancellor of the Exchequer Jeremy Hunt announced that the windfall tax on oil and gas companies would increase from 25 percent to 35 percent, with the levy remaining in place until March 2028.

Any such tax should be temporary, not deter investment and recognize the cyclical nature of energy businesses, Hunt then noted.