Shell makes record $40 billion annual profit

By Ron Bousso and Shadia Nasralla

LONDON, Feb 2 (Reuters) – Shell delivered a record $40 billion profit in 2022, it said on Thursday, capping a tumultuous year in which Russia’s invasion of Ukraine allowed the energy giant to hand shareholders unprecedented returns.

The British company also posted record fourth-quarter profit of $9.8 billion on the back of a strong recovery in earnings from its liquefied natural gas (LNG) trading, beating analyst forecasts for an $8 billion profit.

Annual annual earnings reached $39.9 billion, doubling from a year earlier and far exceeding the previous record of $31 billion in 2008.

Shell also announced a new $4 billion share buyback programme over the next three months, unchanged from the previous three months.