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Oil and gas giant Shell has reported a record annual profit of $39.9bn (£32.2bn) after energy prices surged last year following Russia's invasion of Ukraine.

It's not the only one. Most energy firms have seen record earnings over the last year.

But is there more to these record profits - and what is Shell doing with that money? Tom Wilson, an energy correspondent for the Financial Times where he covers the world's largest energy companies.

(Photo: Activists from Greenpeace set up a mock-petrol station price board displaying the Shell's net profit for 2022. Credit: Getty Images)