The Blubber

Per CNBC

Shell reported its highest annual profit ever recorded for the full year of 2022. The giant oil company raked in $39.9 billion throughout the year.

One sector that was exponentially growing amid the economic turmoil of 2022 was energy. This was because oil and gas prices rose due to supply chains disrupted by the Ukraine war.

One of the companies that benefited the most has been a long-time oil giant, but it has never seen profits this high throughout history.  Shell was able to topple its previous all-time high profits, which took place during another crisis.

In 2008, Shell reported a $28.4 billion profit, so the company has not reached this mark until 2022. As a success of its performance throughout the year, the company announced a $4 billion share buyback program.

Shell will also treat its investors to a 15% dividend increase per share for the fourth quarter of 2023. Its share buyback program is expected to be finished earlier than the end of the year's first quarter.

Shell CEO Wael Sawan gave a statement to CNBC in his first earnings interview. The CEO only took up his position as head of the company on Jan 1 and shared how he felt privileged to step into this role at such a remarkable time.

Sawan: "As we look ahead, I think we have a unique opportunity to be able to succeed as the winner in the energy transition. We have a portfolio that I think is second to none,”

Shell's massive earnings report for 2022 comes as reports that both the Nasdaq and the S&P 500 had their best January in years. The Nasdaq had its best January since 2001, and the S&P had its best January since 2019.

The news also comes at a time when Michael Burry, the famous Big Short investor, gave a simple statement in a tweet he posted on Elon Musk's platform, "sell."

See flow at unusualwhales.com/flow.

Other News:

• Nasdaq and S&P 500 Get Best January Since 2001 and 2019, Respectively
• Michael Burry says to sell

Resources:

CNBC