The British oil and gas company Shell has released its 2022 results, posting a US$40bn profit for the year, a more than twofold increase compared to its 2021 earnings (US$19bn). Shell’s previous profit record was in 2008 (US$31bn). Shell’s total production of oil and gas stood at 921 kboe/d in 2022, an 8% decrease compared to 2021. Natural gas production fell by 5% to 4,600 mscf/d (130 mcm/d) and liquids production fell by 25% to 128 kb/d. Shell’s LNG liquefaction volumes also declined by 4% to reach 29.7 Mt, while its LNG sales volumes increased by 3% to reach 66 Mt. Total proved reserves in 2022 are expected to be approximately 9.6 Gboe, with a reserve replacement ratio of 120%.
The US energy company ConocoPhillips also released its preliminary 2022 results, posting a US$17bn profit, a more than twofold increase compared to 2021 (US$8bn). The company funded US$10bn of capital expenditures and investments in 2022. ConocoPhillips’ total production of oil and gas amounted to 1,738 kboe/d in 2022, an 11% increase compared to 2021. Preliminary 2022 year-end proved reserves are 6.6 Gboe, with a total reserve replacement ratio of 176%.