Shell reports highest profits in 115 years
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Oil and gas giant Shell has reported record annual profits after energy prices surged last year following Russia’s invasion of Ukraine.
Profits hit $39.9bn (£32.2bn) in 2022, double last year’s total and the highest in its 115-year history.
Energy firms have been making record profits after oil and gas prices jumped following the invasion of Ukraine.
It has heaped pressure on firms to pay windfall taxes as households struggle with rising bills.
Last year, the UK government introduced a windfall tax – called the Energy Profits Levy – on the profits of firms to help fund its scheme to lower gas and electricity bills.
Oil and gas prices had begun to rise after the end of Covid lockdowns but rose sharply in March last year after the events in Ukraine led to worries over supplies.
It led to to bumper profits for energy companies, but also fuelled a rise in energy bills for households and businesses. Along with rising food prices it has pushed inflation – the rate at which prices rise – to a 40-year high.
-BBC
ABOUT: Nana Kwesi Coomson
[email protected] An Entrepreneur, Corporate Social Responsibility, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. His first degree is in Bachelor of Arts - Political Science (major) and History (minor) from the University of Ghana. He holds MSc in Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) from the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track.
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