Global energy giant Shell said Thursday that its annual profits doubled to a record high last year as oil and natural gas prices soared after Russia invaded Ukraine.
London-based Shell Plc posted adjusted earnings of $39.9 billion for 2022 in its financial results for the final three months of the year. Adjusted earnings in the fourth quarter, which exclude one-time items and fluctuations in the value of inventories, rose by 50%, to $9.8 billion, from the same period a year earlier.
Shell is the latest oil company to report bumper profits, which risks reigniting public anger that the fossil fuel industry do more to offset high energy bills for households and small businesses as well as cut climate-changing carbon emissions. U.S.-based Exxon Mobil also posted record annual profits days earlier, while U.K. rival BP and France's TotalEnergies reported huge quarterly profits last year.
The results demonstrate Shell's "capacity to deliver vital energy to our customers in a volatile world," new CEO Wael Sawan said in a statement.
It's the first earnings report presented by Sawan since he took over as chief executive at the start of the year, replacing Ben van Beurden, who stepped down after nine years. Sawan also has reorganized the company's core business units.
Sawan, who has worked for Shell for 25 years, was previously director of its integrated gas, renewables and energy solutions business. His appointment was seen as a part of Shell's strategy to take what it calls a leading role in the energy transition despite criticism that it's been slow to cut emissions.
Shell also is raising its dividend payout by 15% and buying back $4 billion worth of shares -- moves that underline the tension between energy company shareholders seen as reaping big profits and consumers weighed down by higher costs for heating their homes and filling up their cars.
The results were "truly stunning" and "will do nothing to quieten demands for further windfall taxes to redistribute some of the bounty Shell has enjoyed this year thanks to the Ukraine-inspired disruption to global energy markets," said Russ Mould, investment director at AJ Bell, an investment service platform.
Russia's war in Ukraine sent global energy prices surging, with natural gas prices in Europe hitting record levels last summer and oil hovering at $120 per barrel. They have since come down, but natural gas prices are still three times what they were before Russia massed troops on the Ukrainian border.
To ease the pain on households and consumers, the European Union and individual countries like Britain and Italy have imposed windfall taxes on energy companies, and U.S. President Joe Biden has raised the idea of a war profit tax.
Shell expected to pay an extra $2.3 billion in taxes to cover the EU and U.K. windfall levies for 2022. The company said it paid out $26 billion to shareholders last year in dividends and share buybacks.
"For the millions of people globally who are struggling with the high cost of energy or the impacts of the climate crisis, Shell reaping in record profits will rightly feel incredibly unfair," said Alice Harrison of Global Witness, a nonprofit that advocates for environmental sustainability and corporate responsibility.
Global Witness filed a complaint Wednesday with U.S. regulators accusing the company of greenwashing. The group asked the Securities and Exchange Commission to investigate whether Shell broke securities laws and misled investors about the extent of its renewable energy investments.
Global Witness says its analysis shows that 1.5% of Shell's capital spending went to wind and solar power generation, compared with the 12% that the company claimed in its 2021 annual report.
Greenpeace activists have occupied a vessel in the North Sea transporting a Shell oil production platform to protest the environmental damage by fossil fuel companies. Four activists raised a banner that said "Stop Drilling, Start Paying," according to photos posted online by Greenpeace this week.
Canada will lower the number of permanent immigrants it allows into the country by at least 20 per cent from its previous target of 500,000, ۴ý confirmed Wednesday.
Prime Minister Justin Trudeau says the Liberal party is 'strong and united,' despite efforts from within his caucus to oust him as leader.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.
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A search has started at Prairie Green Landfill for the remains of two victims of a serial killer.
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Turkiye’s air force struck Kurdish militant targets in Iraq and Syria on Wednesday in apparent retaliation for an attack at a key state-run defence company that killed five people and wounded more than a dozen others.
Canada's discount airline is suspending operations to and from Saskatoon.
Abousfian Abdelrazik told a court Wednesday about the roller-coaster of emotions he experienced during the tense days of early 2009 when he awaited the green light to return to Canada from Sudan.
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A Real Canadian Superstore in B.C.'s Fraser Valley was evacuated Tuesday night due to a "suspicious" fire in the toilet paper aisle, according to authorities.
The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.
He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.
A memorial is growing outside a Walmart in Halifax after a 19-year-old employee was found dead inside an oven in the store Saturday night.
Turkiye’s air force struck Kurdish militant targets in Iraq and Syria on Wednesday in apparent retaliation for an attack at a key state-run defence company that killed five people and wounded more than a dozen others.
The Justice Department warned Elon Musk’s America PAC in recent days that his US$1 million sweepstakes to registered voters in swing states may violate federal law, people briefed on the matter told CNN.
Three people were found dead Wednesday and four others were hospitalized after an 'unexplained' incident at a care home in southern England, police said.
The U.S. said Wednesday that 3,000 North Korean troops have deployed to Russia and are training at several locations, calling the move very serious and warning that those forces will be 'fair game' if they go into combat in Ukraine.
A homemade firebomb exploded inside a public high school in Chile on Wednesday, igniting a blaze that injured at least 34 students and one teacher, with several in serious condition, firefighters said.
An Indiana man has been sentenced to life in prison for the 1975 killing of a 17-year-old girl who was found dead in a river after she failed to return home from her job at a church camp.
Canada will lower the number of permanent immigrants it allows into the country by at least 20 per cent from its previous target of 500,000, ۴ý confirmed Wednesday.
Prime Minister Justin Trudeau says the Liberal party is 'strong and united,' despite efforts from within his caucus to oust him as leader.
A debate has ground work in the House of Commons to a halt for weeks, but a new poll suggests that most Canadians are not even aware it's happening.
McDonald’s worked Wednesday to reassure customers that its U.S. restaurants are safe as federal investigators tried to pinpoint the cause of a deadly E. coli outbreak linked to the fast-food giant's Quarter Pounder hamburgers.
A quick shake of the head after a hard hit could signal that a person has a concussion, a new study suggests, based on the experiences of young athletes.
A recall has been issued for certain clothing items sold at Giant Tiger stores over high levels of lead, according to a notice published by Health Canada Tuesday.
Vancouver Fire Rescue Services received its first shipment of new firefighting gear on Wednesday, advancing the department's plans to reduce cancer risk for its members.
Officials in Hong Kong said Wednesday they have discovered dinosaur fossils in the city for the first time on a remote, uninhabited island that's part of a geopark.
A meteor lit up our region's sky last night – with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.
Cardi B says she has been hospitalized with a medical emergency and will have to miss a Saturday night headlining performance at an Atlanta music festival.
Almost three years after the deadly Astroworld Festival tragedy, Houston rapper and concert headliner Travis Scott just settled hundreds of lawsuits related to the case.
American singer-songwriter Matthew Sweet suffered a stroke while on tour in Toronto earlier this month, and a GoFundMe campaign has been launched to raise money to cover the 'overwhelming' health-care costs.
Canada's discount airline is suspending operations to and from Saskatoon.
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Starbucks Corp suspended its forecast through the next fiscal year as new CEO Brian Niccol looks to turn around the coffee giant struggling with falling demand for its pricey drinks.
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Scottie Barnes and the Toronto Raptors kick off the new NBA season tonight as they host the Cleveland Cavaliers.
Former 'Malcolm in the Middle' star Frankie Muniz is set to continue his NASCAR career with a full-time ride in the Truck Series for 2025.
An increased risk of fire has prompted the recall of thousands of Honda hybrid vehicles in Canada.
A senior executive for Volkswagen in China has been deported for allegedly using cocaine and marijuana while on vacation in Thailand, according to Chinese authorities and German media reports.
The U.S. government's road safety agency is investigating Tesla's 'Full Self-Driving' system after getting reports of crashes in low-visibility conditions, including one that killed a pedestrian.
He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.
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A newly minted Winnipegger is hoping a world record attempt will help bring awareness for the need for more pump track facilities in the city.
A Springfield, Ont. man is being hailed a 'hero' after running into his burning home to save his two infant children.
Hortense Anglin was the oldest graduate to make her way across the platform at York University's Fall Convocation ceremony this week. At the age of 87, she graduated with an Honours degree in Religious Studies.
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A campaign to fundraise to build a new school for children with complex medical needs just got an assist from the Calgary Flames.
One person has died and others have been injured after a two-vehicle collision involving a tractor trailer and a car on Highway 7 in eastern Ontario, according to police.
Homeowners with a variable rate mortgage in Ottawa can expect to see some savings thanks to a significant rate cut by the Bank of Canada.
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Nigel Berkley and CRARR plan to file complaints with the police ethics commissioner and the human rights commission after Berkley was repeatedly stopped while driving his mother's car over four months.
Montreal Mayor Valerie Plante will not be seeking re-election.
Canada will lower the number of permanent immigrants it allows into the country by at least 20 per cent from its previous target of 500,000, ۴ý confirmed Wednesday.
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An Edmonton tow truck operator has been charged after police say he refused to release a vehicle to its owner.
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A Manitoba inmate who was released from custody by mistake has been arrested, according to Winnipeg police.
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The Saskatchewan Roughriders along with other Canadian Football League [CFL] clubs have announced their player nominations for the 2024 league awards.
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Canada's discount airline is suspending operations to and from Saskatoon.
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It only took minutes for North Bay pharmacist Brian Chute to be out $1,500 after fraudsters deceptively swapped his bank card with another.
The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.
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OPP have confirmed that a transport truck driver crashed into a historic home just southeast of London this morning.
A haunted house in the Town of Innisfil is causing a real scare for some people a week before Halloween.
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A 34-year-old motorcyclist has died following a collision in Barrie’s south end on Tuesday.
Windsor Fire and Rescue Services has been working to prepare for heightened HAZMAT risk ahead of relaxed restrictions around the transportation of some hazardous materials across the Ambassador Bridge.
As hospitals elsewhere in Ontario reintroduce mask mandates due to rising respiratory illnesses, Windsor hospitals are taking a more measured approach.
Now that production is set to begin at Windsor’s battery plant, NextStar is looking for some employees to make that production happen.
Two B.C. RCMP officers won’t face criminal charges for their use for force that left a man who had been arrested for public intoxication with a concussion, a torn shoulder and a chunk of his hair missing – but they could face professional discipline.
A man who fired at least 19 gunshots at an RCMP detachment in northern British Columbia, narrowly missing officers inside, has won a reduced prison sentence from the province's highest court, which ruled the sentencing judge failed to fully weigh the man's mental illness at the time.
Since the record-breaking atmospheric river hit Metro Vancouver last Friday, 266 drivers have filed ICBC claims for water damage to their vehicles. In some places, flood water was so deep, cars floated away with the drivers still inside, and the engine running.
Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
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Graduate students looking to become mental-health professionals will have more opportunities to study in the University of Lethbridge’s Master of Education Counselling Psychology program.
A dazzling light display is making its return to Lethbridge this holiday season.
As part of anniversary celebrations, the City of Lethbridge is inviting the community to see VisitLethbridge.com Arena like they never have before.
The lack of 24-hour public washrooms has been a long-standing issue in the Sault, especially considering the rise in homelessness.
The union representing the fire rangers with the Ministry of Natural Resources says money won’t fix the systemic problems in the workplace.
Rallies by a group called Voices Against Violence took place across the country on Monday, including Sault Ste. Marie.
Investigators found the remains of a 77-year-old American man on Wednesday at the scene of a fire that destroyed a hotel in western Newfoundland earlier on the weekend.
Police in western Newfoundland say a 77-year-old man visiting the province from Kansas is missing after a fire at a hotel in Deer Lake, N.L.
At 2 p.m. on Thursday, the scene at the Lions Club in Clarenville, N.L., rivalled any rowdy St. John's bar that thumps with music late on a weekend night.
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