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| Shell reports highest profits in 115 years | Shell reports highest profits in 115 years |
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| Oil and gas giant Shell has reported record annual profits after energy prices surged last year following Russia's invasion of Ukraine. | Oil and gas giant Shell has reported record annual profits after energy prices surged last year following Russia's invasion of Ukraine. |
| The company reported adjusted earnings of $39.9bn (£32.2bn) for 2022, the highest in its 115-year history. | The company reported adjusted earnings of $39.9bn (£32.2bn) for 2022, the highest in its 115-year history. |
| Energy firms have been making record profits after oil and gas prices jumped following the invasion of Ukraine. | |
| It has heaped pressure on firms to pay windfall taxes as households struggle with rising bills. | |
| Last year, the UK government introduced a windfall tax - called the Energy Profits Levy - on the profits of firms to help fund its scheme to lower gas and electricity bills. | Last year, the UK government introduced a windfall tax - called the Energy Profits Levy - on the profits of firms to help fund its scheme to lower gas and electricity bills. |
| Oil and gas prices had begun to rise after the end of Covid lockdowns but rose sharply after Russia's invasion of Ukraine. | |
| White House calls Exxon record profit 'outrageous' | |
| It led to to bumper profits for energy companies, but also fuelled a rise in energy bills for households and businesses. Along with rising food prices it has pushed inflation - the rate at which prices rise - to a 40-year high. | |
| The government is limiting gas and electricity bills, meaning that a household using a typical amount of energy will pay £2,500 a year. | |
| However, that is still more than twice what it was before Russia's invasion began. | |
| In May, the government introduced its windfall tax on the profits made from extracting UK oil and gas. The rate was originally set at 25%, but it was increased to 35% in November. | |
| Earlier this year, Shell said it would pay tax in the UK for the first time since 2017 as a result of the new windfall tax. | |
| Shell chief executive Wael Sawan said the firm's results "demonstrate the strength of Shell's differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world". | |
| "We believe that Shell is well positioned to be the trusted partner through the energy transition." |