Shell profit doubles to record as war drives up energy costs

By KELVIN CHAN
AP Business Writer

LONDON (AP) — Global energy giant Shell says annual profits doubled to a record high last year as oil and gas prices soared after Russia’s invasion of Ukraine. London-based Shell Plc on Thursday posted adjusted earnings of $39.9 billion for 2022 and $9.8 billion in the fourth quarter. Shell is the latest oil company to report bumper profits even as the fossil fuel industry faces increasing pressure to cut climate-changing carbon emissions. Shell is also raising its dividend payout by 15% and buying back $4 billion worth of shares. It highlights the tension between energy company shareholders seen as reaping big profits and consumers weighed down by higher costs for heating their homes and filling up their cars.