A flag flies at a shell petrol station in London, Thursday, Feb. 2, 2023. Global energy giant Shell says annual profits doubled to a record high last year as oil and gas prices soared after Russia's invasion of Ukraine. London-based Shell Plc on Thursday posted adjusted earnings of $39.9 billion for 2022 and $9.8 billion in the fourth quarter.
The results demonstrate Shell's “capacity to deliver vital energy to our customers in a volatile world," new CEO Wael Sawan said in a statement. Shell also is raising its dividend payout by 15 percent and buying back $4 billion worth of shares — moves that underline the tension between energy company shareholders seen as reaping big profits and consumers weighed down by higher costs for heating their homes and filling up their cars.
To ease the pain on households and consumers, the European Union and individual countries like Britain and Italy have imposed windfall taxes on energy companies, and U.S. President Joe Biden has raised the idea of a war profit tax. Global Witness filed a complaint Wednesday with U.S. regulators accusing the company of greenwashing. The group asked the Securities and Exchange Commission to investigate whether Shell broke securities laws and misled investors about the extent of its renewable energy investments.
Just like Biden wanted
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