OIL giant Shell has said that profits skyrocketed to £68.1 billion in 2022 due to soaring oil prices.

It represented the company’s highest profit in its 115-year history and surpassed the expectations of industry experts.

It comes amid continued questions over the scale of windfall taxes on energy producers, which have benefited from higher prices.

The SNP have said that the Tories must scrap their “outrageous” plan to raise the energy bill price cap in April.

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The party’s energy spokesperson Alan Brown said: “People will feel sick that, instead of helping ordinary families, the Tories are allowing big energy companies to make record profits and are forcing taxpayers to subsidise shareholders. 

“The Chancellor should follow the lead of other countries by taxing share buy backs, and expanding the windfall tax, to fund support for households.

“Scotland is an energy-rich country. With the full powers of independence we can escape Westminster control, deliver energy security and bring household bills down permanently.”

The London-listed oil major told investors that adjusted earnings leapt 53% against the previous year, after energy prices soared higher following Russia’s invasion of Ukraine.

Including taxes, adjusted earnings more than doubled to £32.2bn.

Meanwhile, the Scottish Greens have said the “sickening” profits show the urgent need to shift to renewables

The party’s environment spokesperson Mark Ruskell said that Shell had been “enriched” at the “cost of our planet”.

He continued: “There can be no justification for a system that allows this kind of profiteering, especially when so many are suffering. It is a sign of how broken things are and why they need to change. 

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“It underlines exactly why we need to break the link between fossil fuel prices and bills, and support the many households and families who have been plunged into fuel poverty over the last 12 months.

“With the climate emergency worsening, we don’t have time to waste. Our world is on fire. A windfall tax full of loopholes is not enough. We need action from every government and a generation-defining interest in renewables.” 

The figures come after Wael Sawan took over as chief executive at the start of the year.

He said: “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 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 four-billion-dollar buyback programme announced today.”