Shell reports highest profits in 115 years

The announcement that Shell has made record profits of effectively $40 billion is going to fuel calls for the government to look again at the imposition of a windfall tax. Dan Niedle has some background here.

It's also going to occasion some soul-searching in Shell Towers - albeit briefly about the morality of a company profiting from the misery of the war in Ukraine. And, when the bonuses of its executives are announced it is also likely, once again, reveal the absurdity of executive pay.

Shell delivered a record $40 billion profit in 2022, driven by higher oil and gas prices, robust refining margins and a strong performance from the energy giant’s trading business. Only 5% of Shell’s profit is made in the UK.