Shell logs record 2022 profit on soaring energy prices

LONDON – Shell’s net profit surged to a record US$42.3 billion (RM179.61 billion) last year, the British energy giant said today, as Russia’s invasion of Ukraine sent oil and gas prices soaring.

The post-tax figure was more than double the amount achieved in 2021, the group’s earnings statement revealed. Revenue rocketed 45% to a dizzying US$381 billion in 2022, mirroring huge gains by rivals.

Colossal profits for energy majors have sparked public fury amid a cost-of-living crisis fuelled by sky-high energy bills.