Shell posts record annual profit and raises shareholder dividend
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The British oil and gas company Shell published the results (.pdf) of the fourth quarter and all of 2022. With energy prices soaring last year, the company’s year-end profit doubled year-on-year to $39.9 billion, the highest in the company’s 115-year history. The previous record was set by Shell in 2008, when the company reported a profit of $31 billion. Shell’s quarterly profit also became a record: in the last three months of 2022, it amounted to $9.8 billion.
Given the results, which Shell’s new CEO Wael Sawan says is a reflection of the company’s “strength of a differentiated portfolio” of assets and its “ability to provide life-saving energy to consumers in a volatile world,” the company announced a $4 share buyback in the next three months. billion. In addition, the company increased dividend payments by 15%. Capital spending in 2023 is projected by Shell to be between $23 billion and $27 billion.
Earlier, US oil and gas companies reported record results. ExxonMobil and Chevron.
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