Shell Posts Record 2022 Profit as Natural Gas Unit Thrives
- Integrated gas unit reported best profit in at least a decade
- Big Oil had a blowout 2022 performance on high energy prices
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Shell Plc posted a fourth-quarter profit that was well ahead of expectations as its natural gas business thrived, lifting the oil major to a record performance in 2022 fueled by soaring energy prices.
After a bumpy ride earlier in the year amid volatile markets, Shell’s integrated gas unit was firing on all cylinders in the final quarter, delivering $6 billion of adjusted profit in its best-ever performance. The “scale and scope” of the business that produces and trades liquefied natural gas — a crucial fuel for Europe as Russia squeezed pipeline exports — helped drive this performance, the company said.