Shell swings into huge profit as oil price recovers

Shell swung back into massive profit last year, the energy giant revealed Thursday, as oil and gas prices rocketed on recovering demand and geopolitical unrest.

Shell said in a statement that net profit stood at $20.1 billion after a loss after tax of $21.7 billion in 2020, as economies reopened from pandemic lockdowns.

“2021 was a momentous year for Shell,” said chief executive Ben van Beurden, noting that the group also simplified its name and structure and outlined plans to slash greenhouse gas emissions.

Following the bumper earnings, Shell said it planned a share buyback programme totalling $8.5 billion (7.5 billion euros).