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Soaring Gas Prices Turbocharged Shell Oil CEO Pay in 2022

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Shell paid outgoing Chief Executive Ben van Beurden a total of $11.5 million in 2022 as the company's profits doubled on soaring oil and gas prices. (Sergei Karpukhin/Pool Photo via AP File)
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The pay package for Shell’s CEO jumped by half last year to nearly $12 million, the fossil fuel giant said Thursday, as oil and gas companies made record profits from skyrocketing energy costs that have driven a cost-of-living crisis.

London-based Shell paid Ben van Beurden a total of $11.5 million in 2022 as annual company profits doubled to an all-time high of $40 billion because Russia’s war in Ukraine sent oil and gas prices soaring.

Van Beurden’s pay includes a $3 million bonus and nearly $6 million worth of stock, according to the company’s annual report.

Van Beurden stepped down at the end of last year and was replaced by Wael Sawan, who will be paid a base salary of $1.7 million and a bonus that’s expected to be bigger than the salary, the report said.

Demands have increased for oil and gas companies raking in huge profits to do more to reduce high energy costs that are hurting consumers and small businesses.

Opposition lawmakers in Britain have called for an expanded tax on the windfall profits of oil and gas firms to provide more help for households struggling to afford expensive utility bills.

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