the oil and gas giant, posted a record annual profit of $40 billion and announced a new $4 billion share buyback program Thursday, sending the stock higher.
British energy giant
(ticker: SHEL.U.K.) reported adjusted earnings per share of $1.39 in the final three months of 2022, beating analysts’ consensus of $1.15, according to FactSet. Revenue rose 19% to $101.3 billion, topping estimates of $94.3 billion.
The earnings beat came despite lower oil and gas prices in the fourth quarter, as natural gas trading results proved strong.
The fourth quarter wrapped up a stellar year for the world’s largest oil-and-gas companies, characterized by high energy prices as a result of Russia’s invasion of Ukraine. It was no different for
which reported adjusted annual earnings of $39.9 billion, the highest in its 115-year history.
The stock climbed 1.9% in early London trading and has gained 3.7% so far in 2023. American depositary receipts of Shell pointed more than 2% higher in premarket trading.
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