With gas prices at an all time high, Big Oil companies like Shell had a 49 percent increase in revenue. Along with other gas companies, Shell made $174 billion in revenue last year. Shell CEO Ben Van Beurden even described 2021 as a “momentous year” for the company and said progress made in the last year would let the firm “be bolder and move faster.”
In its earnings report for the first quarter of 2022, Shell reported a net income of $9.13 billion — nearly triple of the $3.2 billion reported in the same quarter last year — beating out its previous record from 2008.
Of the firm’s $8.5 billion share buyback program announced for the first half of the year, Shell said $4 billion had been completed to date. The remaining $4.5 billion share buybacks are scheduled to be completed before the announcement of second-quarter earnings.