Shell posts profit of nearly $40 billion and announces $4 billion in buybacks

Hong Kong

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Shell on Thursday reported a blockbuster profit of about $40 billion in 2022, double the previous year.

The oil giant posted adjusted earnings of $39.9 billion for the full year, the latest sign of how energy producers are enjoying bumper profits amid strong oil and gas prices.

Shell ( RDSA ) also announced $4 billion in share buybacks and confirmed it will increase its dividend per share by 15% for the fourth quarter.

Shell CEO Wail Sawan said in a statement that the company made $9.8 billion in profit in the fourth quarter, driven largely by its integrated gas business.

– This is a developing story and will be updated.