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Shell Posts A Record Annual Profit of $39.9billion

Shell

Oil giants, Shell on Thursday posted its biggest ever profit of $39.9 billion for the year 2022.

This record profit comes amidst rising oil and gas prices mainly due to the Russian Ukraine war which has seen many households struggling to pay energy bills.

The previous record profit set by Shell was in 2008 where it posted $28.8 billion profits.

Shell announced a share buy back which is a means of returning cash back to its shareholders. It also signals the company views its shares as underpriced in the market and its a strategy to boost share value.

American oil giant, Exxon-Mobil also recently posted record profits of $56 billion for 2022.

This massive record breaking profits have western governments up in arms calling for the big oil companies to pay more taxes. The oil companies have argued that their revenues already face taxes in several jurisdictions where they have production bases.

In related news, over 13,000 persons and institutions from the Ogale community in Rivers State, Nigeria, have sued Shell in a London court, seeking damages from devastating environmental damage done to their communities.
This new tactic of taking the fight to the home country of Shell, seems to come as sign of frustration with the local courts and ability to get and enforce judgements against a big firm like Shell.

Shell has been implicated severally in hazardous environmental practices which have damaged communities in their areas of production in the Niger Delta area of Nigeria.

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