Shell posts profit of nearly $40 billion and announces $4 billion in buybacks

Hong Kong
CNN
 — 

Shell reported a blockbuster profit of almost $40 billion in 2022 on Thursday, double what it took in the previous year.

The oil giant posted a whopping $39.9 billion in adjusted earnings for the full year, the latest sign of how energy producers are enjoying bumper profits amid strong oil and gas prices.

Shell

(RDSA) also announced $4 billion in share buybacks and confirmed it would lift its dividend per share by 15% for the fourth quarter.

The company posted $9.8 billion in profit in the fourth quarter, mostly driven by its integrated gas business, Shell CEO Wael Sawan said in a statement.

— This is a developing story and will be updated.