Energy giant Shell today announced record annual profits - the best in its 115-year history.
The company revealed that adjusted earnings for last year more than doubled to £32.179billion as it continued to benefit from stronger oil and gas prices.
The figure was 107% better than the £15.568billion recorded in 2021.
The adjusted earnings for the fourth quarter of 2022 were £7.921billion - 4% ahead of Q3.
Oil and gas producers around the world have been making record profits after oil and gas prices jumped following Russia's invasion of Ukraine.
The extent of the profits have heaped pressure on firms to pay windfall taxes as households struggle with inflation.
Strength
Shell chief executive Wael Sawan said this morning: "Our results in Q4 and across the full year 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.
"As we continue to put our powering-progress strategy into action, we will build on our core strengths, further simplify the organisation and focus on performance.
"We intend to remain disciplined while delivering compelling shareholder return, as demonstrated by the 15% dividend increase and the $4billion (3.23billion share-buyback programme announced today."
Shell said full-year shareholder distributions amounted to nearly £21billion.
There was no mention in Mr Sawan's comments about the controversial UK windfall tax on North Sea producers.
Hit from levies
The company had disclosed a near-£2billion hit from UK and EU levies in January,
Shell also criticised the UK windfall tax last summer, saying that it would hit investment in oil and gas, while failing to provide any incentive to invest in the energy transition.
Previous CEO Ben van Beurden said the UK would be seen as an "unpredictable" place to invest after the imposition of the Energy Profits Levy.
Following today's bumper results from Shell and the best-ever profits revealed by ExxonMobil earlier this week, industry watchers will be keen to see BP's Q4 figures on Tuesday.
They will be also interested to learn what is said about the company's future strategy.
BP investments
The Telegraph claims today that the boss of BP wants to "dial back" its push into clean energy after US oil giants posted record profits on the back of booming demand for fossil fuels.
Chief executive Bernard Looney is said to be concerned about the returns from its investments in renewables such as wind and solar, which have been at the heart of his plans to recast the business as a green champion.
The Telegraph states that there have been reports in America that Mr Looney now wants to narrow the company's focus and persuade shareholders that it is committed to maximising profits, as concerns about energy security prompt renewed political support for oil and gas projects.
On Tuesday, US oil giant ExxonMobil announced a record $55.7billion (£45.2billion) in profits last year - sparking a fierce reaction from the White House.
This was more than double 2021's figure.
President Joe Biden has sought to focus blame for last year's soaring motor-fuel costs on producers failing to spend their profits to boost supply.
The White House said it was "outrageous that Exxon has posted a new record for Western oil company profits after the American people were forced to pay such high prices at the pump amidst Putin's invasion (of Ukraine)".