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By Scott Kanowsky 

Investing.com — Shell PLC (LON:SHEL) has reported better-than-expected fourth-quarter income, driving 2022 profit up to a fresh record high, as the British oil and gas company was boosted by a surge in energy prices sparked by the war in Ukraine.

Adjusted earnings during the final three months of last year rose by 4% on a quarterly basis to $9.8 billion, reflecting strength in Shell’s gas business that includes its massive liquefied natural gas trading operations. Bloomberg consensus estimates had seen the figure coming in at $8.26B.

Full-year adjusted profit, in turn, more than doubled to $39.87B, marking a new high that was well above the prior record of $31B in 2008. Shell said that it was supported by higher realized prices, refining margins and LNG trading throughout the year, which helped offset lower volumes as well as decreased margins in its chemicals business.

The group also increased its dividend per share for the fourth quarter by 15% to $0.2875, and announced $4B in share buybacks that will be completed in the current three-month period.

In a statement, Chief Executive Officer Wael Sawan said the results “demonstrate the strength of Shell’s differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world.”

However, the company noted that the economic environment remains “uncertain.”