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Windfall Tax

Shell’s ‘obscene’ $5bn profits

Jul 27th, 2023
by John Donovan.
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While Europe swelters in record-breaking heat, Shell stays cool as a cucumber and defiantly plans to increase oil and gas production. It’s heartwarming to witness such dedication to contributing to the climate crisis while lining their own pockets. Truly, a match made in heaven.

Posted by John Donovan: July 27, 2023

In a stunning display of corporate restraint, British oil giant Shell reported a mere $5.1 billion in profits for the second quarter, triggering waves of gratitude and appreciation from climate activists across the globe. The figures came as a pleasant surprise, as analysts had anticipated an even higher windfall of $6 billion. Oh, Shell, you’ve truly outdone yourself!

Environmental campaigners, whose hearts are bursting with joy, condemned the profit figures as “obscene.” They simply can’t contain their delight as they watch Shell prioritize its shareholders’ happiness over the health of our planet. How thoughtful! And let’s not forget the beautiful billboard lovingly erected by Greenpeace activists outside Shell’s London headquarters, with the message “Our profit, your loss.” Such a touching sentiment! read more

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Shell CEO Dreams of Leaving UK for Greener (Profitable) Pastures in the US

Jul 7th, 2023
by John Donovan.
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Posted by JOHN DONOVAN: July 7, 2023

In a truly heartwarming display of corporate compassion, Wael Sawan, the CEO of Shell, has openly mused about the possibility of abandoning the UK to make even more money elsewhere. It seems that pesky ‘windfall’ taxes imposed by the UK Government on energy firms have left poor Shell feeling unappreciated. After all, why pay your fair share when you can simply relocate and maximize your profits?

Sawan wasted no time in painting a bleak picture of the future, warning that energy prices and bills could skyrocket if China’s increased demand coincides with a cold European winter. Oh, the horror! It’s almost as if Shell’s bottom line is more important than the financial well-being of ordinary people. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell announces ‘obscene’ £7,6400,000,000 profit for first quarter of the year

May 4th, 2023
by John Donovan.
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Metro.co.uk

Shell announces ‘obscene’ £7,6400,000,000 profit for first quarter of the year

Kirsten Robertson: Thursday 4 May 2023 8:54 am

Oil giant Shell made nearly £1.4 billion more in profit than experts had expected in the first three months of the year, the company said today.

The business joined its rival BP in reporting expectations-beating results this week.

Shell said that its adjusted earnings had risen by 5.7% compared to the same quarter a year earlier, reaching £7.6 billion.

Like its rival BP, Shell’s results immediately sparked calls for the Government to take a tougher stance against the oil majors. read more

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Shell Reports $9.6 Billion Profit, Despite Falling Oil Prices

May 4th, 2023
by John Donovan.
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THE NEW YORK TIMES

Shell Reports $9.6 Billion Profit, Despite Falling Oil Price

By Stanley Reed: Reporting from London: May 4, 2023, 6:04 a.m. E

Shell, Europe’s largest energy company, said Thursday that its profit jumped 6 percent in the first quarter to $9.6 billion, a sign that the company remains hugely profitable, even with oil prices under pressure.

The company’s earnings, adjusted for items like divestitures, were below the record of $11.5 billion set in the second quarter of 2022, but they still exceeded analysts’ forecasts. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell force-fitted more than 4,000 prepayment energy meters last year while making £32bn in profits

May 4th, 2023
by John Donovan.
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Shell force-fitted more than 4,000 prepayment energy meters last year while making £32bn in profit

By Dean Kirby: Investigations Correspondent inews.co.uk

May 4, 2023 2:27 pm (Updated 5:32 pm)

Shell force-fitted more than 4,000 prepayment meters in the UK last year as the international oil and gas giant made more than £32bn in profits.

The firm on Wednesday posted additional profits of almost £7.7bn in the first quarter of this year amid soaring oil and gas prices

.It was reported in February that Shell’s overall profits had soared to £32.2bn last year – the highest in the oil and gas giant’s 115-year history – as millions of Britons struggled to pay their energy bills. read more

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BP and Shell set to announce more ‘obscene’ profits as energy giants rake in billions from oil

May 1st, 2023
by John Donovan.
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Dailyrecord.co.uk: BP and Shell set to announce more ‘obscene’ profits as energy giants rake in billions from oil

BY Chris McCall: Deputy Political Editor: 1 MAY 2023

Oil companies are set to announce more bumper profits this week as they continue to cash in from the soaring cost of energy.

Business analysts predict that BP could have earned as much as £3.4 billion in profits in the first three months of this year.

The energy giant will announce its quarterly results tomorrow amid renewed calls for the UK Government to implement another windfall tax.

Shell is expected to report later this week adjusted earnings of $7.9 billion dollars for the first quarter.

The company last year announced annual profits of £32.2 billion, the highest in its 115-year history.

Climate change activists were furious with the oil giant which had watered down its climate change ambitions at its annual results in February. read more

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Despite windfall tax and record profits, Shell paid just £15 million to UK, 22p per Brit last year

Mar 29th, 2023
by John Donovan.
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Global Witness

Despite windfall tax and record profits, Shell paid just £15 million to UK, 22p per Brit last year

By comparison Norway received £6.3 billion from Shell, over a grand per Norwegian

28th March 2023, London – Energy giant Shell paid just £15 million in taxes and fees to the UK last year on their drilling, compared to over £6.3 billion to the Norwegian government over the same period, according to Global Witness analysis of Shell’s latest tax reporting, released today.

This means Shell paid around just 22p per UK citizen, compared to the £1,171 it paid for every citizen of Norway. This £15 million is much closer to the £9.7 million it awarded its CEO in 2022, than the considerably more it paid to most other countries in which it drills. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell pays just $8m tax on annual production in UK North Sea

Mar 29th, 2023
by John Donovan.
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THE TIMES

Shell pays just $8m tax on annual production in UK North Sea

Emily Gosden, Energy Editor

Wednesday March 29 2023,

Shell made net tax payments of $8 million for its UK North Sea operations last year — less than it paid its outgoing chief executive.

The London-listed oil and gas major said it had incurred a $134 million tax bill under Britain’s “energy profits levy” windfall tax in respect of its 2022 profits.

FULL ARTICLE

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Why are BP, Shell, and other oil giants making so much money right now?

Feb 12th, 2023
by John Donovan.
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BBC NEWS

Why are BP, Shell, and other oil giants making so much money right now?

By Ben King

Business reporter, BBC News: 11 Feb 2023

The big oil companies – from the UK-based BP and Shell to international giants such as ExxonMobil and Norway’s Equinor – have been announcing astonishing profit figures.

They are all benefitting from the surging price of oil and gas following the invasion of Ukraine.

While they rake in the profits, people around the world are struggling to pay their energy bills and fill up their cars – leading to calls for higher taxes on these companies.

So how are they making so much money, and should the government step in to stop them? read more

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Vast energy firm profits raise fresh questions over windfall tax

Feb 9th, 2023
by John Donovan.
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BBC NEWS

Vast energy firm profits raise fresh questions over windfall tax

By Douglas Fraser: Business and economy editor, Scotland

  • Vast profits for BP and Shell have put them in the frontline of a battle over the winners and losers from the energy crisis.
  • Extension of the windfall tax is seen by the industry as a way of discouraging further investment.
  • Some would prefer to see that discouraged and are dismayed as BP increases spend, while others want taxes to target benefits to shareholders.

BP and Shell get the attention because they’re big, public brands based in Britain. They’re not the only ones making vast amounts of money.

US firm ExxonMobil reported a profit of $56bn (£47bn) for last year. Chevron, also in the US, reported $36bn (£30bn).

Shell had profits of $40bn (£32bn) and BP has weighed in at $28bn (£23bn). All of them have more than doubled profits as the invasion of Ukraine and sanctions on Russia roiled the world’s energy markets.

Equinor (formerly Statoil), based in Norway and the largest supplier of gas to the UK and European Union after Russian gas flow was cut sharply, announced on Wednesday its net profit for the year was $28.7bn (£24bn), up from $8.6bn (£7bn) in 2021. Adjusted operating profits – before tax and removing one-off items – came to $75bn (£62bn). read more

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Calls for bigger windfall tax after Shell makes ‘obscene’ $40bn profit

Feb 2nd, 2023
by John Donovan.
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The Guardian

Calls for bigger windfall tax after Shell makes ‘obscene’ $40bn profit

Sunak government under pressure after gas prices fuel ‘outrageous’ doubling of profits at Anglo-Dutch group

Alex Lawson Energy correpondent: Thu 2 Feb 2023 14.13 GMT

The government is under pressure to rethink its windfall tax on energy companies after Shell reported one of the largest profits in UK corporate history, with the surge in energy prices sparked by Russia’s invasion of Ukraine pushing the oil company’s annual takings to $40bn (£32bn).

Opposition parties and trade unions described Shell’s bonanza, the biggest in its 115 year history, as “outrageous” and accused Rishi Sunak of letting fossil fuel companies “off the hook”.

On Thursday, the UK headquartered company confirmed it had paid just $134m in British windfall taxes during 2022. It paid $520m under the EU “solidarity contribution” – Europe’s equivalent of the windfall tax. read more

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Shell reports highest profits in 115 years

Feb 2nd, 2023
by John Donovan.
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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

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Shell and BP face tough job of keeping customers and investors happy as profits roll in

Jan 29th, 2023
by John Donovan.
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The Guardian

Shell and BP face tough job of keeping customers and investors happy as profits roll in

The oil giants will also have to contend with intensifying calls to put more money into clean energy

The bosses of Shell and BP face the same task as they prepare to present their companies’ annual results this week, but at completely different points in their tenures. Wael Sawan will make his City debut after taking over as Shell chief executive at the start of the year. Bernard Looney marks three years since a watershed presentation in London when he took over at BP, unveiling a target to hit net zero by 2050 or sooner. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

‘Record’ profits likely to spark renewed calls for windfall taxes

Jan 29th, 2023
by John Donovan.
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EXPRESS

‘Record’ profits likely to spark renewed calls for windfall taxes

Energy giant Shell is set to announce record annual net profits of more than £32.3billion at its results on Thursday, on the back of high gas and oil prices.

By GEOFF HO:

The bumper profits expected from Britain’s oil majors is likely to spark renewed calls for windfall taxes.

Howard Cox, founder of campaign group FairFuelUK, said action is needed from the Government to stop oil groups “ripping off motorists” and adding to the cost-of-living crisis.

He added: “In a time of huge inflation, striving so hard in order to fill up your essential car, van, or truck at a Shell garage, you can be comforted you have helped double this global oil
giant’s already mega profits.

“It is even more sickening that forecourts like Costco can sell petrol and diesel so much cheaper, 10p to 20p per litre less than Shell. read more

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Oil giant Shell set to unveil record profits of more than £30bn as households and businesses grapple with sky-high energy bills

Jan 29th, 2023
by John Donovan.
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Oil giant Shell set to unveil record profits of more than £30bn as households and businesses grapple with sky-high energy bills

By PATRICK TOOHER, FINANCIAL MAIL ON SUNDAY

PUBLISHED: | UPDATED: 

Oil giant Shell is set to unveil record profits of more than £30 billion as households and businesses grapple with sky-high energy bills.

The corporate giant is expected to say this week that annual profit more than doubled as the war in Ukraine restricted supplies from Russia, sending the price of gas and electricity rocketing.

The FTSE100 behemoth and its arch rival BP have faced mounting criticism for cashing in. BP chief executive Bernard Looney famously described his company as resembling a ‘cash machine’ because of the amount of money it has made from elevated prices.

But, since he made those comments in 2021 – three months before the invasion of Ukraine – the profits made by BP and Shell have continued to escalate rapidly. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Oil giant Shell to pay tax in UK for first time in six years amid huge profits

Jan 7th, 2023
by John Donovan.
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Daily Record

Oil giant Shell to pay tax in UK for first time in six years amid huge profits

The firm made 9.5 billion dollars in profit in just three months last year.

By Rory Cassidy: Daily Record Reporter: 22:18, 6 JAN 2023

Oil giant Shell is set to pay tax in the Uk for the first time in six years.

The firm, which last paid money to HMRC in 2017, will fork out after making huge global profits last year. The energy firm said it expected to “take a hit” of around $2bn (£1.7bn) on profits in the UK and the European Union in the final three months of the year. read more

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