Feels like mid-30s in parts of Canada, while other areas expecting snow
Anything is possible this week, as far as Canada's weather is concerned, with forecasts ranging from scorching heat in some parts of the country to rain and snow in others.
Global energy giant Shell said Thursday that its annual profits doubled to a record high last year as oil and natural gas prices soared after Russia invaded Ukraine.
London-based Shell Plc posted adjusted earnings of $39.9 billion for 2022 in its financial results for the final three months of the year. Adjusted earnings in the fourth quarter, which exclude one-time items and fluctuations in the value of inventories, rose by 50%, to $9.8 billion, from the same period a year earlier.
Shell is the latest oil company to report bumper profits, which risks reigniting public anger that the fossil fuel industry do more to offset high energy bills for households and small businesses as well as cut climate-changing carbon emissions. U.S.-based Exxon Mobil also posted record annual profits days earlier, while U.K. rival BP and France's TotalEnergies reported huge quarterly profits last year.
The results demonstrate Shell's "capacity to deliver vital energy to our customers in a volatile world," new CEO Wael Sawan said in a statement.
It's the first earnings report presented by Sawan since he took over as chief executive at the start of the year, replacing Ben van Beurden, who stepped down after nine years. Sawan also has reorganized the company's core business units.
Sawan, who has worked for Shell for 25 years, was previously director of its integrated gas, renewables and energy solutions business. His appointment was seen as a part of Shell's strategy to take what it calls a leading role in the energy transition despite criticism that it's been slow to cut emissions.
Shell also is raising its dividend payout by 15% and buying back $4 billion worth of shares -- moves that underline the tension between energy company shareholders seen as reaping big profits and consumers weighed down by higher costs for heating their homes and filling up their cars.
The results were "truly stunning" and "will do nothing to quieten demands for further windfall taxes to redistribute some of the bounty Shell has enjoyed this year thanks to the Ukraine-inspired disruption to global energy markets," said Russ Mould, investment director at AJ Bell, an investment service platform.
Russia's war in Ukraine sent global energy prices surging, with natural gas prices in Europe hitting record levels last summer and oil hovering at $120 per barrel. They have since come down, but natural gas prices are still three times what they were before Russia massed troops on the Ukrainian border.
To ease the pain on households and consumers, the European Union and individual countries like Britain and Italy have imposed windfall taxes on energy companies, and U.S. President Joe Biden has raised the idea of a war profit tax.
Shell expected to pay an extra $2.3 billion in taxes to cover the EU and U.K. windfall levies for 2022. The company said it paid out $26 billion to shareholders last year in dividends and share buybacks.
"For the millions of people globally who are struggling with the high cost of energy or the impacts of the climate crisis, Shell reaping in record profits will rightly feel incredibly unfair," said Alice Harrison of Global Witness, a nonprofit that advocates for environmental sustainability and corporate responsibility.
Global Witness filed a complaint Wednesday with U.S. regulators accusing the company of greenwashing. The group asked the Securities and Exchange Commission to investigate whether Shell broke securities laws and misled investors about the extent of its renewable energy investments.
Global Witness says its analysis shows that 1.5% of Shell's capital spending went to wind and solar power generation, compared with the 12% that the company claimed in its 2021 annual report.
Greenpeace activists have occupied a vessel in the North Sea transporting a Shell oil production platform to protest the environmental damage by fossil fuel companies. Four activists raised a banner that said "Stop Drilling, Start Paying," according to photos posted online by Greenpeace this week.
Anything is possible this week, as far as Canada's weather is concerned, with forecasts ranging from scorching heat in some parts of the country to rain and snow in others.
Canada's annual inflation rate slowed to a three-year low of 2.7 per cent in April, matching expectations, and core measures continued to ease, data showed on Tuesday, likely boosting chances of a June interest rate cut.
One person has died aboard a London-Singapore flight that encountered severe turbulence, Singapore Airlines said Tuesday. The plane was diverted to Bangkok, where emergency crews rushed to help injured passengers amid stormy weather.
As the month-long boycott of Loblaw-owned stores wears on, small independent food retailers and alternative grocery options say they're seeing a boost in traffic and sales.
If you've been to a party lately and haven't seen someone drinking a BORG, you're likely not partying with college students.
As we enter another wildfire season, Environment and Climate Change Canada is advising people to pay attention to air pollution levels and check the Air Quality Health Index – especially on smoky days.
The Vatican has announced that the investigation it commissioned into allegations of sexual touching against Cardinal Gerald Cyprien Lacroix did not confirm any act constituting misconduct or abuse on the part of the Vatican.
Prime Minister Justin Trudeau is in Philadelphia today, on his first trip south of the border since his government launched a new 'Team Canada' charm offensive in the United States.
The Edmonton Oilers weathered a late Vancouver Canucks charge on Monday night, beating the hosts 3-2 to win their seven-game second-round playoff series in the decisive showdown.
For those who go to their local libraries often, they know there’s much more to their library than just borrowing books. Local libraries in Atlantic Canada are now renting out a broader range of items for people.
Flashes of purple darting across the sky mixed with the serenading sound of songs will be noticed more with spring in full force in Manitoba.
Catching 'em all with impressive speed, a 7-year-old boy from Windsor, Ont. who only started his competitive Pokémon journey seven months ago has already levelled up to compete at a world championship level.
A sanctuary dedicated to animals with disabilities is celebrating the third birthday of one of its most popular residents.
2b Theatre recently moved into the old Video Difference building, seeking to transform it into an artistic hub, meeting space, and temporary housing unit for visiting performers in Halifax.
A B.C. woman says her service dog pulled her from a lake moments before she had a seizure, saving her life.
A Starbucks fan — whose name is Winter — is visiting Canada on a purposeful journey that began with a random idea at one of the coffee chain's stores in Texas.
Members of Piapot First Nation, students from the University of Winnipeg and various other professionals are learning new techniques that will hopefully be used for ground searches of potential unmarked grave sites in the future.
ALS patient Mathew Brown said he’s hopeful for future ALS patients after news this week of research at Western University of a potential cure for ALS.