Glencore said that it will pay out more than $7-billion to shareholders as it rode a spike in demand for oil and natural gas after Russia invaded Ukraine
Mining, oil and metals giant Glencore posted record profits last year on soaring demand for energy products, saying Wednesday that it will pay out more than $7-billion to shareholders.
Net income soared nearly 250 per cent to $17.32-billion last year, Glencore said. Revenue rose 26 per cent to $255.98-billion. The surge in cash generation narrowed Glencore’s net debt to $100-million, “allowing for today’s announcement of $7.1-billion ... of shareholder returns” through cash distributions and a share buyback program, CEO Gary Nagle said in a statement.
“China’s reopening, however, together with a continued global focus on energy security and decarbonization electrification, mean that demand for many of our commodities is likely to remain healthy, while supply constraints persist and inventories remain relatively low,” Nagle said.
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