Shell doubles profit thanks to high energy prices

British oil giant Shell made a record profit of more than 38 billion euros in 2022, doubling what it raked in the year before. The main reason for the increased revenues is the sharp rise in oil and gas prices as a result of the Russian invasion of Ukraine. Do the oil multinationals need to be reined in?

Open/close all quotes
De Volkskrant (NL) /

Dividends top priority for oil giant

De Volkskrant laments that the group still invests far too little in sustainable energy:

“Because every investment in the search for and exploitation of new oil and gas fields is an investment in (more) climate change. That the temperature will continue to rise is inevitable, but the longer we continue to drill for and burn fossil reserves, the more dramatic the predictions become. And yes, change doesn't happen overnight. But it's disappointing that a company like Shell, which has always placed so much emphasis on having a strategy based on long-term scenarios, is still giving priority to short-term 'shareholder value'.”

The Independent (GB) /

Companies just sell us what we want

Shell should not be criticised for its huge profits, says The Independent:

“It's our own fault that we are where we are. We're the fossil fuel addicts. The energy companies just sell us what we want. Obviously we should levy a substantial 'windfall' tax on Shell and the others, because, as they admit, it will make little difference to their investment plans. ... It also seems foolish to offer them huge tax reliefs for exploring new gas and oil fields, given the climate crisis and the disappointing progress on meeting the Cop26 targets for CO2 emissions.”

Trouw (NL) /

Shell the wrong address for moral outrage

It is not the energy companies that should be the targets of people's outrage, writes columnist Stevo Akkerman in Trouw:

“[Voluntarily paying more tax or contributing to the reconstruction of Ukraine] is something they will never do, because it goes against everything our economy is based on. This is the water they swim in. ... If we want to limit this immoral thinking we should not rely on companies like Shell - although of course it would be nice if a company did this of its own accord. ... We need to address the politicians, and they need to put much more effort into extricating themselves from their entanglements with the major economic powers.”