The benefits in the segment of gas and its derivatives were one of the key contributions to the 110% increase in Shell's annual profits in 2022, up to 42,309 million dollars (38,455 million euros), according to what the company indicates today when presenting its best results in 115 years of history.
"Our results in 2022 were solid in what was a volatile external environment," the firm's CEO, Wael Sawan, who presented the annual accounts for the first time after taking office, said in an online conference with analysts. in early January.
"When you look at the twelve months (of 2022), for our integrated gas sector it has been a fantastic year, both in physical assets and in commercial optimization, really fabulous," says CFO Sinead Gorman, who has stressed that a solid fourth quarter contributed to "achieving the highest annual result so far".
Given the skyrocketing energy prices caused by the war in Ukraine, oil and gas companies have had to face additional taxes in some countries to offset their windfall profits.
Gorman has detailed that these taxes represented 1,500 million dollars (1,374 million euros) in the Netherlands, Germany and Italy, framed in the "solidarity contributions" imposed by the European Union (EU), and 900 million dollars (824 million euros) in the United Kingdom.
Looking ahead to 2023, the CEO assures that Shell will try to "take advantage of and expand the global leadership position" in the liquefied natural gas and other derivatives sector. In the gas sector, the company reported attributable profits of 22,212 million dollars (20,355 million euros), 176% more than the 8,060 million dollars (9,067 million euros) registered in 2021.
Regarding the extraction and exploitation of oil and other hydrocarbons, profits were 16,223 million dollars (14,860 million euros), 69% above the previous year. "In 2014, Brent prices were similar - explained the CEO -. In 2022, production compared to 2014 was 7% lower, but we still managed to generate cash flow more than 80% higher."
Sawan addressed the company's plans to continue the transition to clean energy before analysts, although he stressed that this evolution must be "balanced." "Our goal is to deliver the oil and gas the world needs today, while leveraging our unmatched ability to access customers to develop scalable and cost-effective low-carbon products," he said. "Moving too fast Dismantling the current energy system before the new system is ready would make the situation worse, although moving too slowly would waste time and we would lose the momentum to develop the necessary solutions," added the manager.
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