BAKU, Azerbaijan, March 9. Upstream earnings of Royal Dutch Shell in 2022 stood at $16,222 million versus $9,603 million in 2021, showing an increase by 1.7 times, Trend reports with reference to the company.
The main drivers of the growth were higher sale prices, gains relating to storage and working gas transfer effects and impairment reversals. On the other hand, lower volumes, caused by divestments, and charges relating to the EU solidarity contribution and UK Energy Profits Levy offset this increase.
The company’s marketing earnings dropped from $3,535 million in 2021 to $2,133 million in 2022 due to higher operating expenses (including the effects of higher volumes), net losses on the sale of assets compared with net gains in 2021, and higher impairment charges. These were partly offset by higher margins.
Chemicals and Products earnings surged standing at $4,515 million in 2022, as compared to $404 million in 2021. The drivers of the growth were products margins (reflecting higher Refining margins and higher contributions from trading and optimization), and lower impairment charges. These were partly offset by lower Chemicals margins and higher operating expenses.
“Renewables and Energy Solutions earnings in 2022 were a loss of $1,059 million, compared with a loss of $1,514 million in 2021. The decrease in the loss was mainly driven by higher contributions from trading and optimization for gas and power. This was partly offset by higher net losses related to the fair value accounting of commodity derivatives and higher operating expenses,” said Shell.
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