Oil giant Shell posts highest-ever annual profit of nearly $40 billion
last month that it expected to take a $2 billion hit for the final three months of 2022 as a result of new taxes in the European Union and the U.K.Shell, which is aiming to become a net-zero emissions business by 2050, said that adjusted earnings for its Renewable and Energy Solutions unit came in at $293 million for the final three months of 2022, down from $383 million in the third quarter.
In recent quarters, Big Oil executives have defended their rising profits and said the significant disruption to global energy markets due to the war in Ukraine has reaffirmed the importance of helping to solve "the energy trilemma." According to a statement to investors from BP CEO Bernard Looney late last year, this refers to "secure, affordable and lower carbon energy.""We must all call out profiteering like this,"Harrison described the historic revenues for energy giants as "disgraceful," given that "much of this money is being made at the expense of the millions of people who have been pushed into poverty because of the skyrocketing cost of gas.
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