Oil, mining giant Glencore posts record profit for 2022

GENEVA (AP) — Mining, oil and metals giant Glencore posted record profits last year on soaring demand for energy. The Swiss-based company said Wednesday that it will pay out more than $7 billion to shareholders. Glencore says business rebounded from lows during the coronavirus pandemic and rode a spike in demand for oil and natural gas after Russia invaded Ukraine. Net income soared nearly 250% to $17.32 billion last year. It comes after record profits from energy giants like Shell, BP and ExxonMobil have stirred calls for them to do more to help households and businesses with high utility and invest more in efforts to cut climate-changing emissions.