Shell rakes in $40bn in profits on back of surging gas prices

Huge rises in wholesale gas prices since Russian invasion of Ukraine more than doubles Anglo-Dutch group’s profits from 2021

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Shell’s annual profits have more than doubled to a record of nearly $40bn (£32.3bn) after a surge in wholesale gas prices linked to the war in Ukraine boosted its performance, as consumers struggled to pay huge energy bills.

The oil and gas company posted profits of $9.81bn in the final quarter of last year, compared with $6.4bn a year earlier. That took annual adjusted profits to $39.87bn, outstripping the $19.3bn notched up in 2021.