Canary CEO Dan Eberhart discusses the rise in oil and gas prices across the U.S. and the impact of Biden's energy agenda on 'Varney & Co.'
Shell reported a record-breaking year of profit, posting the highest annual earnings in the company’s 115-year history. "This was a truly stunning set of numbers from Shell, way ahead of what forecasts had penciled in and the highest profit in its entire history," said AJ Bell investment director Russ Mould.
reported 2022 adjusted earnings of $39.87 billion, a 109% increase from the prior year. The number broke the previous record of $31 billion set in 2008.Fourth quarter adjusted earnings increased 4% to $9.8 billion, topping analyst forecasts of $8 billion. Revenue rose to $101.3 billion from $85.28 billon.A gas pump is seen in a car at a Shell gas station in Washington, D.C., on May 15, 2021.
"Shell needs to be careful, already oil and gas prices have retreated from their 2022 highs and if it pursues profit today at the expense of making the business sustainable for the future it may be judged harshly by the markets," Mould said."Shareholders will be pretty pleased though, given news of a new multi-billion-dollar buyback.