Feb 2, 2023
Shell reports highest profits in 115 years
Oil and gas giant Shell has reported record annual profits after energy prices surged last year following Russia's invasion of Ukraine. Energy firms have been making record profits after oil and gas prices jumped following Russia's invasion of Ukraine. Last year, the UK government introduced a windfall tax - called the Energy Profits Levy - on the profits of firms to help fund its scheme to lower gas and electricity bills. Oil and gas prices had begun to rise after the end of Covid lockdowns but rose sharply after Russia's invasion of Ukraine, resulting in bumper profits for energy companies. Shell chief executive Wael Sawan said the firm's results "Demonstrate the strength of Shell's differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world".
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