While many industries have struggled over the past 12 months, conditions have been good for oil and gas firms by comparison. Energy peers such as Shell, Chevron or ExxonMobile have reaped record profits, to the delight of shareholders. On Tuesday 7 February, the London-listed energy giant reported record annual earnings, with underlying replacement cost profit jumping to $27.7bn in 2022 from $12.8bn a year earlier. Net debt was reduced to $21.4bn from $30.6bn the previous year, while capital expenditure increased from $12.8bn to $16.3bn. Moreover, the company's cost of production is a...
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