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Oil giant Shell posts highest-ever annual profit of $40 billion [1]

['Sam Meredith']

Date: 2023-02-02

British oil giant Shell on Thursday posted its highest-ever annual profit, bolstered by soaring fossil fuel prices and robust demand since Russia's full-scale invasion of Ukraine last year.

Shell reported adjusted earnings of $39.9 billion for the full-year 2022. This comfortably surpasses the $28.4 billion in 2008 which Shell said was the firm's previous annual record and is more than double the firm's full-year 2021 profit of $19.29 billion.

Analysts polled by Refinitiv had expected full-year 2022 net profit to come in at $38.3 billion.

For the final quarter of 2022, Shell reported adjusted earnings of $9.8 billion.

Shell announced a $4 billion share buyback program, which is expected to be completed by its first-quarter 2023 results — due out by early May — and a 15% dividend per share increase for the fourth quarter.

"It is a huge year for Shell and a huge year to look back on as well," Shell CEO Wael Sawan told CNBC's Steve Sedgwick in his first earnings interview since taking on the role on Jan. 1.

"I feel privileged to be stepping into this role at such a great point in the company's history. As we look ahead, I think we have a unique opportunity to be able to succeed as the winner in the energy transition. We have a portfolio that I think is second to none," Sawan said.

"My focus will be very much around performance and capital discipline," he added.

The results follow in the footsteps of historic annual earnings for U.S. oil majors Exxon Mobil and Chevron, with the West's largest oil and gas companies expected to rake in combined profits of nearly $200 billion for the year, according to Refinitiv data.

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[1] Url: https://www.cnbc.com/2023/02/02/shell-earnings-oil-giant-reports-record-annual-profits.html

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