4th May 2023

Shell’s highest ever profit

Shell, the British oil company, has posted its highest-ever annual profit, supported by high fossil fuel prices and strong demand since the start of the Russia and Ukraine war. 

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

The results mirror unforeseen annual earnings for U.S. oil majors Exxon Mobil and Chevron, with the West’s largest oil and gas companies expected to receive combined profits of nearly $200 billion for the year, according to Refinitiv data.