Energy giant’s staggering profits unveiled as oil prices soar

Energy bills: Couple discuss the increase in their prices

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Energy Shell has announced that it has raked in a record 84.3 billion dollars (£68.1 billion) in profits in 2022 off the back of soaring oil and gas prices. Earning a staggering 53 percent increase in profits, the London-based oil major reported adjusted earnings of $39.9billion (£32.2billion) for 2022, the highest in its 115-year history. Over the past year, wholesale oil and gas prices have skyrocketed, thanks largely due to Russia’s invasion of Ukraine. As a result, many energy producing firms, particularly the fossil fuel supermajors, have been accused of profitting off the energy crisis, while millions of families struggle with fuel poverty.

According to Global Witness, Shell’s profits would be enough to pay the average annual energy bills for 13.2 million UK households – a remarkable 47 percentage of all households at a time when millions of Brits continue to face record gas and electricity bills.

Shell chief executive Wael Sawan said the company’s results “demonstrate the strength of Shell’s differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world”.

“We believe that Shell is well positioned to be the trusted partner through the energy transition.”

These unprecedented profits have led to increased pressure on the Government to impose windfall taxes on these companies, which would be a levy on excess profits made during this period.


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