British Gas’s parent company Centrica announced today that it made its highest-ever profits in 2022: an “obscene” £3.3bn, more than three times as much as the previous year. It also announced its biggest round of shareholder payouts since the pandemic, as yields on Centrica’s shares reached a historic high of over 5%.
Last week, BP also announced record profits (£23bn), as did the UK’s other major oil company, Shell, in January ($40bn – more than double its previous record). More of these windfall profits are set to be distributed to shareholders than reinvested in the transition to clean energy.
Analysis of BP and Shell’s results shows that the two companies are doubling down on a status quo of huge shareholder payouts and large-scale investment in fossil fuels. In the case of Centrica, the bulk of its 2022 profits are derived from its North Sea oil and gas operations.
