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Shell sparks new row with 23bn investor bonanza
Evening Standard
|February 01, 2024
PROFITS at Shell fell back sharply last year from Ukraine war-boosted record levels, but the UK’s biggest energy firm stoked fresh controversy today with another bumper payout for investors.
PROFITS at Shell fell back sharply last year from Ukraine war-boosted record levels, but the UK's biggest energy firm stoked fresh controversy today with another bumper payout for investors.
The £159 billion company reported a 54% tumble in profits attributable to $19.4 billion (£15.3 billion). The drop came as the wave of turbulence in oil and gas markets, caused by Vladimir Putin's full-scale invasion of Ukraine in 2022, rippled out of Shell's numbers.
Earnings from its upstream division, which identifies and extracts oil and gas supplies, fell 47% for 2023 to $8.5 billion from last year's record, but rose 10% for the fourth quarter to $1.4 billion.
It was enough for a fresh payday for investors, via a new share buyback worth £2.8 billion. That stoked more accusations of profiteering and renewed complaints over a perceived move back towards traditional fossil fuel sources and a pivot away from the development of new, renewable energy.
यह कहानी Evening Standard के February 01, 2024 संस्करण से ली गई है।
हजारों चुनिंदा प्रीमियम कहानियों और 10,000 से अधिक पत्रिकाओं और समाचार पत्रों तक पहुंचने के लिए मैगज़्टर गोल्ड की सदस्यता लें।
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