Best year for Shell: more than 38 billion euros in profit

Best year for Shell: more than 38 billion euros in profit

Shell had one of the best years in its 125-year history. The group, which is a favorite of high oil and gas prices, made a profit of approximately 38.5 billion euros. This more than doubles Shell’s earnings, by more than twenty billion a year ago.

Increasing profits of oil companies have been criticized. The big oil companies together made a profit of about 260 billion euros, almost 120 billion more than the previous year. Only BP reported losses, in part due to asset impairment in Russia.

All Brits

In the UK and the European Union, energy companies have to give up some of their additional income by paying additional taxes. Shell expects to spend around 2 billion euros on this last year.

2022 was the first year Shell switched from being Dutch on paper to being fully British. Shell replaced its chief executive last month. Ben van Beurden resigned and was replaced by Wael Sawan.

There were criticisms of Exxon Mobil’s profit last year in the US. The White House described the €51.5 billion gain as shocking because Americans spend a lot of money at the gas pump.

Oil companies say some of the profits go to pension funds. They invested in shares of oil companies and received some of their profits as dividends.

Source: NOS