Shell makes record $40 bln profit in 2022

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STORY: Shell delivered a record $40 billion profit in 2022.

That’s according to the energy giant on Thursday (February 2).

Its earnings capped a tumultuous year in which a surge in energy prices, after Russia's invasion of Ukraine, allowed it to hand shareholders unprecedented returns.

The British company's record earnings, which more than doubled from a year earlier, mirror those reported by U.S. rivals earlier this week.

And they seem certain to intensify pressure on governments to further hike taxes on the sector.

Shell also posted record fourth-quarter profit of $9.8 billion, beating analyst forecasts.

That came on the back of a strong recovery in earnings from natural gas trading.

The $40 billon in annual profit soared past the previous record of $31 billion in 2008.

The gains were driven by higher oil and gas prices, robust refining margins and a strong performance from Shell's trading business.

Governments struggling with soaring energy bills have responded by imposing windfall taxes on the energy sector, and Shell said it expects to incur around $2.4 billion in accounting costs related to the levies in 2022.

Shell shares were up around 1% in early London trade.