The compensation package for the CEO of the British energy firm Shell increased by half to nearly $12 million last year as consumers struggled with a global cost of living crisis and oil and gas businesses reaped record profits from surging energy prices.
AP informs Ben van Beurden received a total payment of $11.5 million from London-based Shell in 2022, a year in which the company’s yearly profits doubled to an all-time high of $40 billion due to the rise in oil and gas prices brought on by Russia’s conflict in Ukraine.
After 40 years with the company, Van Beurden retired at the conclusion of the previous year.
Wael Sawan, who will receive a basic salary of 1.4 million pounds and a bonus that is anticipated to be greater than the pay, was brought in to replace him, according to the article.
Oil and gas firms are under greater pressure to cut excessive energy costs that are harming consumers and small businesses, but they aren’t doing much to comply while making enormous profits.
Instead, the businesses and their stockholders keep making money.
According to Breitbart News, Shell followed American-based Exxon Mobil and Chevron to historic highs last year.
Shell Plc reported adjusted earnings of $39.9 billion for the final three months of the year in its financial reports. The fourth quarter’s adjusted earnings, which don’t include one-time expenses or variations in inventory value, increased to $9.8 billion.
A $56 billion profit was also made by Exxon Mobil last year, which was its highest annual total ever. Chevron achieved another business record by earning $36 billion.
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