Stock Market

Shell makes a record profit of $40 billion a year.

Shell (LON:RDSa) said on Thursday that it made a record $40 billion profit in 2022. This was the end of a turbulent year in which Russia’s invasion of Ukraine helped the energy giant give its shareholders returns that had never been seen before.

The British company also made a record profit of $9.8 billion in the fourth quarter, beating analyst predictions of an $8 billion profit. This was due to a strong recovery in earnings from its liquefied natural gas (LNG) trade.

The annual earnings reached $39.9 billion, which is a lot more than the previous record of $31 billion, which was set in 2008.

Related: TotalEnergies is ahead of Shell and BP in the race for renewable energy, but its shares are falling.

Shell also said it would buy back $4 billion worth of shares over the next three months, which is the same as what it did in the last three months.

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