‘One of the Corporate Scandals of Our Times’: Shell Posts Record $10 Billion in Profits
“We have a choice: protect fossil fuel profits or protect the future of our planet,” said British MP Jeremy Corbyn.
May 4, 2023 | Source: Common Dreams | by Jake Johnson
The British oil behemoth Shell reported a record $9.6 billion in first-quarter profits on Thursday and announced $4 billion in stock buybacks, prompting fury from environmentalists and progressive lawmakers who say the fossil fuel industry’s profiteering is grotesque amid a worsening climate emergency and cost-of-living crises across Europe.
Shell CEO Wael Sawan—who recently declared that the “world will need oil and gas for a long time to come” and called fossil fuel production cuts “unhealthy”—hailed his company’s “strong results and robust operational performance” and touted the new share buyback program as “part of our commitment to deliver attractive shareholder returns.”
Climate advocates reacted with disgust to Shell’s earnings announcement, which came days after BP posted nearly $5 billion in profits for the first three months of 2023. Even though oil prices have fallen from their recent highs, the two companies benefited from high trading profits and liquefied natural gas (LNG) sales.