Analysts had expected Shell CEO Wael Savan to report adjusted earnings of $7.97 billion for the fourth quarter and $38.17 billion for the year. Shell also announced a $4 billion payment to shareholders under a new share buyback program over the next three months. The company, experts noted, has benefited significantly from the reduction in international gas supplies, which began in 2021 and increased last year.
A rise in profits for Shell and its competitors in 2022 prompted the British government to impose a contingency tax on North Sea pipeline operators, which Chancellor Jeremy Hunt later tightened. Shell came under fire in October when it said it had not paid UK windfall tax up to that point. The company said last month that it expects to lose about $2.1 billion in profit during the last quarter of 2022 as a result of unforeseen taxes in Britain and the EU.
