Shell is the latest of the Big Oil companies to hike its dividend after its profit doubled to a record $40 billion for 2022. Read on.
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The results demonstrate Shell’s “capacity to deliver vital energy to our customers in a volatile world,” new chief executive Wael Sawan said in a statement. Sawan, who has worked for Shell for 25 years, was previously director of its integrated gas, renewables and energy solutions business. His appointment was seen as a part of Shell’s strategy to take what it calls a leading role in the energy transition despite criticism that it’s been slow to cut emissions.
Russia’s war in Ukraine sent global energy prices surging, with natural gas prices in Europe hitting record levels last summer and oil hovering at US$120 per barrel. They have since come down, but natural gas prices are still three times what they were before Russia massed troops on the Ukrainian border.
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