• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
  • Guest Content
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
No Result
View All Result
Home News

Anger as Shell profits rocket to ‘obscene’ 115-year high

Shell said it paid 134 million dollars (£109 million) through the UK windfall tax last year, or 0.16 per cent of its mammoth profit.

Jack Peat by Jack Peat
2023-02-02 12:54
in News
Credit:PA

Credit:PA

FacebookTwitterLinkedinEmailWhatsapp

Shell has recorded the highest profit in its 115-year history as it benefited from soaring energy prices, fuelling anger over the amount of tax paid by the oil giant.

Political and environmental campaigners criticised the profit jump as “obscene” and “outrageous” as UK households face soaring energy costs.

On Thursday, Shell said that core profits rocketed to 84.3 billion dollars (£68.1 billion) in 2022.

The figure represents one of the highest profits ever recorded by a UK company.

Shell’s latest profit haul will increase pressure on Prime Minister Rishi Sunak and Chancellor Jeremy Hunt to tax energy producers further, given the pressure on UK households.

Bumper profits made by producers in 2022 prompted the Government to launch a windfall tax, called the energy profits levy, which was later toughened up by Mr Hunt.

In 2022, we delivered strong results.

As we look to 2023, we will put our #PoweringProgress strategy into action, providing the energy the world needs today and in the future.

Hear more from Shell CEO Wael Sawan. #ShellResults https://t.co/hHVdnYhfgZ pic.twitter.com/HSMXuLap7C

— Shell (@Shell) February 2, 2023

Shell said it paid 134 million dollars (£109 million) through the UK windfall tax last year, representing a fraction of its mammoth profit. It said it expects to pay more than 500 million dollars (£405.7 million) due to the levy this year.

The company stressed that it paid 1.9 billion dollars (£1.5 billion) in total tax charges to the UK and EU last year.

Shell however also announced that it will pay four billion dollars (£3.2 billion) to its shareholders through a new share buyback programme, and will increase dividend payments by 15 per cent.

RelatedPosts

Mail hits out at James O’Brien for posting ‘cropped’ photo of Braverman – overlooking one thing

RMT members at Network Rail accept offer to end dispute

Thousands of Brits urged to take up volunteering roles for King’s coronation

Avanti West Coast handed contract EXTENSION

Labour accused Mr Sunak of being “too weak” to stand up to oil and gas interests following Shell’s profit increase.

Shadow climate change secretary Ed Miliband said: “As the British people face an energy price hike of 40 per cent in April, the Government is letting the fossil fuel companies making bumper profits off the hook with their refusal to implement a proper windfall tax.”

Liberal Democrat leader Sir Ed Davey said: “No company should be making these kind of outrageous profits out of Putin’s illegal invasion of Ukraine.”

Rishi Sunak was warned as Chancellor and PM that oil and gas giants were making outrageous profits. He ignored us, and now families struggle as oil companies rake it in. Yet another Tory failure.

— Ed Davey (@EdwardJDavey) February 2, 2023

The London-listed oil major told investors that adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) leapt 53 per cent against the previous year, after energy prices were catapulted higher following the Russian invasion.

Adjusted earnings, including taxes, more than doubled to 39.9 billion dollars (£32.2 billion).

The figures are part of a debut set of results for Wael Sawan, who took over as chief executive at the start of the year.

Shell added that core profits hit 20.6 billion dollars (£16.6 billion) in the fourth quarter of 2022, although this represented a 4 per cent decrease on the same period in 2021.

Mr Sawan said: “Our results in Q4 and across the full year demonstrate the strength of Shell’s differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world.

“We believe that Shell is well positioned to be the trusted partner through the energy transition.

“As we continue to put our powering progress strategy into action, we will build on our core strengths, further simplify the organisation and focus on performance.

“We intend to remain disciplined while delivering compelling shareholder returns, as demonstrated by the 15 per cent dividend increase and the four-billion-dollar share buyback programme announced today.”

The Trades Union Congress called for the energy profits levy, the windfall tax which went up from 25 per cent to 35 per cent in January, to be increased further.

“These obscene profits are an insult to working families,” said TUC general secretary Paul Nowak.

“The Government must impose a larger windfall tax on energy companies. Billions are being left on the table.”

🚨 BREAKING: Shell has just announced record breaking annual profits of more than £32 BILLION.

So we paid their HQ a visit to deliver a message: STOP DRILLING, START PAYING.#MakeShellPay pic.twitter.com/e4WsVNFIHf

— Greenpeace UK (@GreenpeaceUK) February 2, 2023

Campaigners from Greenpeace said Shell is “profiteering from climate destruction” after the record profit haul.

“While Shell counts their record-breaking billions, people across the globe count the damage from the record-breaking droughts, heatwaves and floods this oil giant is fuelling,” Greenpeace senior climate justice campaigner Elena Polisano said.

Shares in Shell were 3% higher at 2,438p on Thursday morning, giving the business a market valuation of around £170 billion.

Related: UK and EU ‘strike customs deal’ in protocol breakthrough

Content Protection by DMCA.com

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending

Elevenses: Exposing the Tories’ Deepfake Illegal Immigration Bill

Elevenses: Rishi’s Finest Hour

Elevenses: Fear and Loathing in the New Conservatives

More from TLE

Joe Rogan row: Now James Blunt wades into argument in the best way

My Story – Doctor who cared for me after gang rape made me want to become a medic to help others like me

Set For Life Results for Thursday 12 May 2022 Tonight’s winning numbers

Huge message showing support for the NHS has appeared

Britain throws weight behind Israel’s bombardment of Gaza

‘Someone’s got to stick up for him’: Reactions as Rachel Johnson defends her brother

Alright for some! Amount Sunak spending on private school fees is revealed

Senior Tory MP says Kuenssberg replacement should be ‘pro-Brexit’

A veteran lollipop man forced to quit for high-fiving schoolkids blames political correctness gone mad

Lucky Numbers and Horoscopes for today 23 April 2022

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.