2022 turned out to be a year full of surprises. The world witnessed a major geopolitical revelation: the war between Russia and Ukraine. Several other issues came to the fore here; one was a huge spike in gas prices. The world feared the rise in the prices of oil, gas and other refined petroleum products. By contrast, Shell made significant gains in the second quarter of 2022.
The pandemic has taken its toll on almost every industry. The energy companies, however, seemed to be running smoothly. On Thursday, Europes oil giant Shell announced its significant profit increase to $11.5 billion. It should be noted that increased gas trading and refining profits did contribute.
The whole year seemed eventful for the company as it posted a $9.1 billion profit in the first quarter. Shell doubled its $5.5 billion profit it made a year ago.
In addition, Shell is reportedly shedding light on a $6 billion share buyback program. However, the company did not interfere with the 25 cents per share dividend.
Shell reaps more backlash; This is why
The release of the company’s Q2 results sparked outrage among the community. The rise in oil and gas prices has made life for the working class hell. That is why the General Secretary of the Trade Union Congress, Frances O’Grady, stated:,
“These dazzling gains are an insult to the millions of working people who struggle to make ends meet because of rising energy bills. Working people are facing the longest and toughest wage cut in modern history. It is time for working people to get a fair share of the wealth they create, starting with real action to bring the bills down.”
When asked whether oil and gas prices would fall, Shell CEO Ben van Beurden suggested the company could “work miracles.”