Shell reports highest profits in 115 years

Oil and gas company, Shell has reported record annual profits after energy prices surged last year following Russia’s invasion of Ukraine.

Profits hit $39.9bn (£32.2bn) in 2022, double the previous year’s total and the highest in its 115-year history.

Energy firms have seen record earnings since oil and gas prices jumped following the invasion of Ukraine.

It has heaped pressure on firms to pay more tax as households struggle with rising bills.

Opposition parties said Shell’s profits were “outrageous” and the government was letting energy firms “off the hook”. They also called for the planned increase in the energy price cap due in April to be scrapped.

Energy prices had begun to climb after the end of Covid lockdowns but rose sharply in March last year after the events in Ukraine led to worries over supplies.

The price of Brent crude oil reached nearly $128 a barrel following the invasion, but has since fallen back to about $83. Gas prices also spiked but have come down from their highs