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Oil and fuel big Shell has introduced an enormous revenue document of $39.9bn (£32.2bn) for 2022, the best in its 115-year historical past.
Following Russia’s invasion of Ukraine, the corporate recorded annual earnings after vitality costs surged final 12 months.
Shell chief govt Wael Sawan mentioned the agency’s outcomes “display the power of Shell’s differentiated portfolio, in addition to our capability to ship important vitality to our clients in a unstable world”.
“We consider that Shell is nicely positioned to be the trusted companion by way of the vitality transition.”
It has led to large earnings for vitality corporations, but additionally fuelled an increase in vitality payments for households and companies. Mixed with rising meals costs, they’ve pushed inflation within the UK to a 40-year excessive.
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The worth of Brent crude oil reached practically $128 (£103.8) a barrel following the invasion, however has since gone all the way down to about $83 (£67.3). Fuel costs additionally spiked, however have come down once more.
Final 12 months, the UK authorities launched a windfall tax known as the Power Earnings Levy on the earnings of corporations to assist fund its scheme to decrease fuel and electrical energy payments.
The federal government is limiting fuel and electrical energy payments, that means {that a} family utilizing a typical quantity of vitality pays £2,500 a 12 months.
Nevertheless, that’s nonetheless greater than twice what it was earlier than Russia’s invasion started.
In Could, the federal government launched its windfall tax on the earnings made out of extracting UK oil and fuel. The speed was initially set at 25%, but it surely was elevated to 35% in November.
Earlier this 12 months, Shell mentioned it will pay tax within the UK for the primary time since 2017.
Shell paid out $6.3bn to shareholders within the closing three months of 2022 and it plans one other $4bn share buyback.
