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Oil giant Shell posts highest-ever annual profit of $40B

30 points by donsupreme 4y ago

LatteLazy 4y ago
Decades of not reducing fossil fuel use have somehow failed to reduce fossil fuel use?!
langsoul-com 4y ago
They need to thank Russia for those profits. Oil ain't going anywhere anytime soon. Bet they'd just migrate to natural gas if there was serious changes though.
scaredginger 4y ago
I find it hard to imagine a future without oil and gas, it seems like these companies have absolute power. It's difficult not to feel hopeless
benjaminwootton 4y ago
I’m dreadful at picking individual stocks, but oil has been such an obvious and profitable play in recent years. Firstly, the prices were hammered down due to temporary factors such as Covid lockdowns and less travel. That was always going to bounce back given time. Secondly, ESG has also been well ahead of itself in declaring the end of oil and turning off the taps of investment in infrastructure. That leaves big oil holding the entire market and less on the supply side. I don’t really find the business, the profits or investment in the industry unethical. Oil isn’t going away for decades, and if we closed down the industry tomorrow we would be back in the stone ages within months.
- piva00 4y ago
  > I don’t really find the business, the profits or investment in the industry unethical How can you not find the business unethical when they actively lobbied against actions to clean up their fucking mess, knowingly that they were creating a global crisis while doing it? I understand you are looking for profits and you can be egotistical about that but not seeing the whole industry as unethical in their chase of said profits is actively trying to be blissfully ignorant.
flandish 4y ago
Grateful that our increase in prices at the pump could offset the local increases in the chain and help profit… trickle-up-economics… /s Fuck these people. Any industry critical to life should not be publicly traded nor allowed to profit like this with end consumer price increases greater than the rate of inflation.
megaman821 4y ago
I am fine with them having massive profits, but no government bailouts, no government interventions on their behalf, no stop losses for oil spills. They should have a massive cash position as insurance, no stock buybacks and then complaining they have no money to continue operations.

30 points by donsupreme 4y ago

Decades of not reducing fossil fuel use have somehow failed to reduce fossil fuel use?!

They need to thank Russia for those profits. Oil ain't going anywhere anytime soon. Bet they'd just migrate to natural gas if there was serious changes though.

scaredginger 4y ago

I find it hard to imagine a future without oil and gas, it seems like these companies have absolute power. It's difficult not to feel hopeless

benjaminwootton 4y ago

I’m dreadful at picking individual stocks, but oil has been such an obvious and profitable play in recent years. Firstly, the prices were hammered down due to temporary factors such as Covid lockdowns and less travel. That was always going to bounce back given time. Secondly, ESG has also been well ahead of itself in declaring the end of oil and turning off the taps of investment in infrastructure. That leaves big oil holding the entire market and less on the supply side. I don’t really find the business, the profits or investment in the industry unethical. Oil isn’t going away for decades, and if we closed down the industry tomorrow we would be back in the stone ages within months.

piva00 4y ago
> I don’t really find the business, the profits or investment in the industry unethical How can you not find the business unethical when they actively lobbied against actions to clean up their fucking mess, knowingly that they were creating a global crisis while doing it? I understand you are looking for profits and you can be egotistical about that but not seeing the whole industry as unethical in their chase of said profits is actively trying to be blissfully ignorant.

flandish 4y ago

Grateful that our increase in prices at the pump could offset the local increases in the chain and help profit… trickle-up-economics… /s Fuck these people. Any industry critical to life should not be publicly traded nor allowed to profit like this with end consumer price increases greater than the rate of inflation.

megaman821 4y ago

I am fine with them having massive profits, but no government bailouts, no government interventions on their behalf, no stop losses for oil spills. They should have a massive cash position as insurance, no stock buybacks and then complaining they have no money to continue operations.