Market Updates
Shell Plc 2022 Earnings Soared but Eased In Q4 On Windfall Tax
Scott Peters
02 Feb, 2023
New York City
Shell Plc fell 1% to 2,341.0 pence after the oil giant reported record annual profit and launched a $4 billion stock repurchase program.
Revenue in the fourth quarter increased to $101 billion from $85 billion a year ago after energy prices spiraled higher.
Net income in the quarter eased to $10.4 billion from $11.5 billion and diluted earnings per share eased to $1.46 from $1.48.
In 2022, revenue surged to $381 billion from $261.5 billion and net income soared to $42.3 billion from $21.5 billion and diluted earnings per share to $5.71 from $2.57 a year ago.
Full year 2022 income attributable to shareholders also included net gains of $3.4 billion due to the fair value accounting of commodity derivatives.
Windfall taxes imposed by the European Union and the UK also negatively impacted earnings.
The net income also included $2.3 billion charges related to the "EU solidarity contribution" and the UK "Energy Profits Levy," and net impairment reversals of $0.7 billion.
The oil company said it has completed its $4 billion stock repurchase program announced in the previous quarter and the company expects to complete a new $4 billion plan before the release of current quarter's results.
Shell also increased its dividend by 15% to 28.57 a share.
Annual Returns
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Earnings
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