Posts under ‘Oil Company Profits’

BBC NEWS

Shell reports highest profits in 115 years

Oil and gas giant Shell has reported record annual profits after energy prices surged last year following Russia’s invasion of Ukraine.

By Simon Jack & Nick Edser: 2 FEB 2023

Profits hit $39.9bn (£32.2bn) in 2022, double last year’s total and the highest in its 115-year history.

Energy firms have seen record earnings since oil and gas prices jumped following the invasion of Ukraine.

It has heaped pressure on firms to pay more tax as households struggle with rising bills.

Opposition parties said Shell’s profits were “outrageous” and the government was letting energy firms “off the hook”. They also called for the planned increase in the energy price cap due in April to be scrapped. read more

The Telegraph

Shell handed £90m by taxpayers to cut energy bills under price guarantee

The payments are one part of a major Government package to shield households

By Rachel Millard 9 November 2022 

Shell has been handed £90m of taxpayer cash under the Government’s scheme to help families with surging energy bills.

The oil and gas giant’s UK household supply division received £90,141,141 from the Government in October, according to official figures.

All suppliers are being sent cash by the Government each month so they can shave £400 off customers’ bills in instalments between now and March. read more

The Guardian

Criticism intensifies after big oil admits ‘gaslighting’ public over green aims

Fury as ‘explosive’ files reveal largest oil companies contradicted public statements and wished bedbugs upon critical activists

Oliver Milman: Sat 17 Sep 2022 11.00 BST

Criticism in the US of the oil industry’s obfuscation over the climate crisis is intensifying after internal documents showed companies attempted to distance themselves from agreed climate goals, admitted “gaslighting” the public over purported efforts to go green, and even wished critical activists be infested by bedbugs.

The communications were unveiled as part of a congressional hearing held in Washington DC, where an investigation into the role of fossil fuels in driving the climate crisis produced documents obtained from the oil giants ExxonMobil, Chevron, Shell and BP.

“First they ignore you, then they laugh at you, then they wish bedbugs on you, then you win,” said Varshini Prakash, executive director of Sunrise. The organization accused Shell of a “legacy of violence and of ignoring the wellbeing of communities across the globe”. read more

MailOnline

REVEALED: UK ‘fat cat’ power bosses pocketed £30million last year as struggling households are warned energy price cap could hit £7,700 in April

• Bosses of Shell, BP and National Grid are among the top earners of seven energy and utility firms in the FTSE 100 index of leading companies on the stock market

• The five energy and power companies make up £23million of the total

• Ben van Beurden, the chief executive of Shell, made £6.2m in pay and bonuses 

• Nadhim Zahawi warned that earners on £45k may need help with energy bills

By FRANCESCA WASHTELL DEPUTY CITY EDITOR FOR THE MAIL ON SUNDAY PUBLISHED: 22:27, 27 August 2022 | UPDATED: 00:46, 28 August 2022

The bosses of Britain’s biggest energy and utility companies pocketed an eye-watering £30million in pay between them last year as hard-pressed families nationwide face an unprecedented cost-of-living crisis.

The bosses of Shell, BP and National Grid are among the top earners of seven energy and utility firms in the FTSE 100 index of leading companies on the stock market. read more

EXCLUSIVE: Meet Britain’s 10 highest paid fat cats who pocketed more than £100m last year

Mirror.co.uk

EXCLUSIVE: Meet Britain’s 10 highest paid fat cats who pocketed more than £100m last year

That means they are now getting 109 times more in their wage slips than the typical British worker – up from 79 times in the previous year

By Nigel Nelson Political Editor, 27 Aug 2022
Britain’s ten highest paid fat cats pocketed more than £100million between them last year, a 39% increase on 2020.
And that means they are now getting 109 times more in their wage slips than the typical British worker – up from 79 times in the previous year. read more

The Sun

PURE GREED: How fatcat energy bosses will bank a staggering £15 MILLION as terrified hard-up Brits choose heating or eating

• Emma Pietras
• 22:37, 10 Aug 2022
• Updated: 9:09, 11 Aug 2022

IT is High Noon for the energy fatcats today as they drag their expensively-dressed behinds into showdown talks with the Chancellor.

As The Sun revealed yesterday, Nadhim Zahawi has summoned gas and electricity bosses in to explain just how much cash they are making out of the energy crisis.

It comes as energy experts at Auxilione revealed energy bills could reach over £5,000 next year and Martin Lewis warned the crisis could put lives at risk.

Zahawi and Business Secretary Kwasi Kwarteng wil also demand to know what investment they plan to make with their soaring profits. read more

This is MONEY.co.uk

Shell and BP to share in huge giveaway that will blow hole in gains from windfall tax: £7.5bn taxpayer handout for oil titans

• Energy giants already receive Treasury incentives to invest in the North Sea 

• Fresh changes have been ushered in that will turbocharge the subsidies 

• Plans introduced at same time as Government’s £5bn ‘windfall tax’ 

• City sources describe exceptionally high incentives as ‘beyond believable’ 

By LUKE BARR, FINANCIAL MAIL ON SUNDAY

PUBLISHED: 21:50, 6 August 2022 | UPDATED: 08:56, 7 August 2022

Oil and gas titans are set to reap a mammoth taxpayer giveaway of up to £7.5billion despite making record profits.

BP and Shell are among the firms that will benefit from new tax breaks, despite BP boss Bernard Looney comparing his firm to a ‘cash machine’.

Energy giants already receive Treasury incentives to invest in the North Sea, but fresh changes have been ushered in that will turbocharge the subsidies. The plans have been introduced at the same time as the Government’s £5billion ‘windfall tax’ – billed as taxing energy firms to help pay for the cost-of-living crisis. read more

This is MONEY.co.uk

Shell staff land bonus windfall equating to 8% of their salary as profits surge to £9.5bn

• The oil giant has awarded most of its 82,000 staff a bonus equal to 8 per cent of their annual salary 

• Executive vice-presidents or higher will not receive the bonus

• The average salary for Shell UK employees is around £52,000 per year, meaning a British worker will get £4,200

By CALUM MUIRHEAD, CITY CORRESPONDENT FOR THE DAILY MAIL

PUBLISHED: 22:01, 3 August 2022 | UPDATED: 22:09, 3 August 2022

Shell has handed out a bonus to its employees following bumper profits amid surging energy prices.

The oil giant has awarded most of its 82,000 staff a bonus equal to 8 per cent of their annual salary after reporting a record profit of £9.5bn in the second quarter of this year as it cashed in on higher oil and gas prices.

Executive vice-presidents or higher will not receive the bonus. The average salary for Shell UK employees is around £52,000 per year, meaning a British worker will get £4,200. read more

BBC NEWS

Shell staff get profits bonus as energy bills soar

• Immoral oil and gas profits must be taxed – UN

4 August 2022

Energy giant Shell is to give its workers a one-off 8% bonus after the company reported record profits from high oil and gas prices.

Most of the 82,000 staff it employs worldwide will get the pay boost but top executives will be excluded.

Shell said the award reflected its financial success and was “not a response” to the rising cost of living.

Energy firms’ bumper profits have prompted calls for tougher taxes to help families with rising bills. read more

EXPRESS

Shell dishes out bonuses after huge profits while energy crisis hits Britons’ pockets

SHELL is passing on some of its record profits to its staff in a one-off bonus, but claimed it was “not a response” to cost of living crisis spurred on by high energy prices.

UN Secretary General Antonio Guterres said that it was “immoral” for oil and gas firms to profit from the invasion of Ukraine, adding that the “grotesque greed is punishing the poorest”.

By ALEKS PHILLIPS

09:59, Thu, Aug 4, 2022 | UPDATED: 11:55, Thu, Aug 4, 2022

Most of the energy giant’s 82,000 staff worldwide will get an 8 percent boost, after the company doubled its profits in the past three months alone to £9.4billion. Fossil fuel companies have been accused of profiteering from a crisis.

It comes as energy bills are expected to soar to well over £3,000 this winter, with the increase in energy costs being seen as the “main driver” of inflation.

Shell said top executives will be excluded. Its CEO, Ben van Beurden, currently makes an estimated £6.2million.

In the first three months of the year, Shell made $9.1billion (£7.4billion) as the commodity price shot up amid Russia’s invasion of Ukraine. read more

Not only are Shell and Centrica profiting from Putin’s war, they’ll also be profiting from the misery of the Brits

Ashley Armstrong: 17:30 ET, Jul 28 2022

NOT only are Shell and Centrica profiting from Putin’s war, this winter they will be profiting from the misery of the British people. 

Gas and oil prices have rocketed — while Shell’s share price has risen 11 per cent, and Centrica’s by more than a fifth.

Half the country will be in fuel poverty come January.

But multimillionaire bosses Ben van Beurden and Chris O’Shea only want to talk about money they are giving to hardship funds or call centre staff who can affirm to customers just how skint they will be. read more

Shell CEO Sees Risk of Even Higher Oil Prices

by Bloomberg | Laura Hurst, Tom Mackenzie | Thursday, July 28, 2022

Oil prices are more likely to rise than fall as the tightness in supply outweighs any risks to demand, said the boss of Shell Plc. 

“Where we are today, there is more upside than downside when it comes to the oil price,” Shell Chief Executive Officer Ben van Beurden said in an interview with Bloomberg TV on Thursday. “Demand hasn’t fully recovered yet and supply is definitely tight.”

The Shell CEO spoke after the company reported record-breaking profits for a second consecutive quarter due to high oil and gas prices. Even with Brent crude remaining above $100 a barrel there’s little sign of demand destruction, and consumption continues to recover from the pandemic, van Beurden said.

“I’m quite optimistic, both on the energy system as well as the global economy,” he said.

There’s limited scope for extra oil supplies from the Organization of Petroleum Exporting Countries or US shale producers, and the full effect of sanctions on Russia’s production may not yet have been felt, Van Beurden said. read more

The Telegraph

Britain’s wealthy energy companies are now part of the problem

Bosses’ fanatical devotion to showering shareholders with cash has done little to help their own cause as household bills soar

Shell is still on course to return “$30bn to shareholders this year, or more than 15pc of its market cap”. These are truly astonishing sums in any context but set against a backdrop of sharp increases in fuel poverty, they are in danger of looking obscene.

BEN MARLOW: CHIEF CITY COMMENTATOR: 29 July 2022 • 6:00am read more

The Guardian

‘Insult to millions’: Shell and Centrica profits cause outrage as energy bills soar

Rob Davies: @ByRobDavies: Thu 28 Jul 2022 18.42 BST

profits at two of the UK’s biggest energy companies read more

THE TIMES

Shell vows a return for investors from its ‘obscene’ profits

Emily Gosden: Energy Editor: Friday July 29 2022, 12.01

Shell’s profits more than doubled to a high of $11.5 billion in the second quarter as it benefited from surging oil, gas and fuel prices after Russia’s invasion of Ukraine.

The FTSE 100 oil company said it would increase returns to investors by buying back $6 billion of shares over the coming three months.

Shell faced a backlash for what critics called “obscene” profits, which come after petrol prices hit record highs and as households face a crippling rise in energy bills that is forecast to push millions of people into poverty this winter.

Ben van Beurden, the chief executive, admitted it was “a difficult period for a lot of people” because of high energy prices, but said: “These are global phenomena, there’s… read more

The Washington Post

Shell posts record earnings again as energy prices soar

London-based Shell said it’s second-quarter adjusted earnings — which exclude one-time items and fluctuations in the value of inventories — rose to $11.5 billion from $5.5 billion in the same three-month period last year.

The latest earnings smash its record set in the previous quarter, when the company recorded $9.1 billion in adjusted earnings.

Shell also said it would buy back another $6 billion in shares, underlining its healthy cash position. read more