Anger as Shell makes ‘obscene’ $40bn in profits

The Guardian says Shell has prompted anger after annual profits more than doubled to a record of nearly $40bn, boosted by a surge in wholesale gas prices linked to the war in Ukraine and as households struggle to pay huge energy bills.

The oil and gas company posted profits of $9.81bn in the final quarter of last year, compared with $6.4bn a year earlier. That took annual adjusted profits to $39.87bn (£32.2bn) in 2022, far outstripping the $19.3bn notched up in 2021.

Paul Nowak, general secretary of the TUC, said the profits were “obscene” and “an insult to working families”.

The step up in Shell and its competitors’ profits during 2022 prompted the government to introduce a windfall tax on North Sea operators, which was later toughened by the chancellor, Jeremy Hunt.

https://www.theguardian.com/business/2023/feb/02/shell-profits-2022-surging-oil-prices-gas-ukraine