Adjusted EBITDA up 60 to record 34.1 billion
Metals and fossil fuels trading profit up 73 to record high

LONDON, Feb 15 Reuters Glencore announced a payout of 7.1 billion to its investors on Wednesday, including a 1.5 billion share buyback, as strong oil and coal prices helped it post a record annual profit.

In preliminary 2022 results, the miner and trader said it cut net debt to 75 million at the end of the year from 6 billion at the end of 2021.

Adjusted earnings before interest, tax, depreciation and amortisation EBITDA rose 60 to a record 34.1 billion, smashing a previous best of 21.3 billion a year earlier, in line with analysts39; estimates.

Glencore Chief Executive Gary Nagle said the high and volatile commodity price environment driven by factors including the pandemic, underinvestment, supply chain vulnerabilities and conflict in Europe had enabled the record result.

The company is seen bucking a trend of lower returns among other miners, thanks to strong trading profits that cushioned it from higher costs and lower production.

Profit on metals and fossil fuels trading hit a record 6.4 billion in 2022, up 73, though analysts see a repeat of that performance this year or next as unlikely.

Prices of thermal coal, the most polluting fossil fuel, for example, are around currently half the alltime high they reached last year, as mild weather has softened demand.

COVID, supply chain disruptions and the power crisis in AsiaEurope has created exceptional…