Shell posts record earnings in 2022

Shell has posted record earnings of USD 40 billion in 2022, the British energy giant announced in its fourth quarter report on Thursday.

Despite lower oil and gas prices and outages at LNG facilities, the company cited a rise in quarterly adjusted earnings to USD 9.8 billion in Q4 2022 owed to heightened LNG trading and optimisation initiatives.

In the same quarter the company acquired renewable gas producer Nature Energy in Denmark, won a tender for the Hollandse Kust (West) lot VI wind project and completed the merger of Shell Midstream Partners in the USA.

In 2022, Shell’s LNG segment brought in record earnings of USD 6 billion.

The company also announced a rise in dividends to 15% for the fourth quarter and a USD 4-billion buyback scheme that is expected to be completed within Q1 2023.

Under its drive to grow a robust green energy portfolio, Shell spent around USD 3.5 billion on renewables in 2022 of its total capital expenditure of USD 24.8 billion.

The company’s capex in 2023 is expected to be between USD 23 billion and USD 27 billion.

Shell posted earnings of USD 9.5 billion in Q3 2022.