Profits reached £32.2bn ($39.9bn) in 2022 which is double last year’s total.

Announcing its Q4 results today, the firm posted adjusted earnings of $9.8bn (£7.9bn), with adjusted EBITDA of $20.6bn (£16.7bn).

Shell also revealed a 15% dividend per share increase for the four quarter, with a $4bn share buyback scheme also announced and expected to be completed by the Q1 2023 results announcement.

Shareholder distributions for the full year 2022 reached $26bn (£21bn).

Commenting on the results, Wael Sawan, chief executive officer of Shell plc, said: “Our results in Q4 and across the full year demonstrate the strength of Shell’s differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world.

“We believe that Shell is well positioned to be the trusted partner through the energy transition. As we continue to put our Powering Progress strategy into action, we will build on our core strengths, further simplify the organisation and focus on performance.

We intend to remain disciplined while delivering compelling shareholder returns, as demonstrated by the 15% dividend increase and the $4 billion share buyback programme announced today.”