Shell Yearly Profits Surge Four-Fold as Fuel Prices Rocket Upward

Shell's refinery in Pernis, Netherlands, on Nov. 15, 2021. Robin Utrecht/ANP/AFP via Getty Images

Oil company Shell recorded a quadrupling of yearly profits as oil and gas prices reached peak levels, leading the company to buy back shares and increase shareholder dividends.

“2021 was a momentous year for Shell,” said company CEO Ben van Beurden in the earnings report published Feb. 3. “Progress made in 2021 will enable us to be bolder and move faster.”