Shell 2022 profit more than doubles to record €36bn
While energy firms have announced record earnings since Oil and Gas prices rose dramatically following the end of Covid-19 lockdowns followed by the illegal invasion of Ukraine last March by Vladimir Putin.
The price of Brent crude oil reached nearly $128 a barrel following the invasion, but has since returned to about $83 as have Gas prices also spiked but have come down from their highs.
Even the most bullish of Energy Analysts must have been surprised by Shells 2022 figures announcement that its profits hit €36.33bn ($39.9bn) in 2022, double last year’s total and the highest in its 115-year history.
The bumper bonanza is of course a poisoned chalice in as much as its adding to the pressure already being exerted by Government for them to pay more tax as households struggle with rising bills. Only last year, the UK government introduced a windfall tax “The Energy Profits Levy” effectively a tax for “extraordinary earnings” to help fund its initiative to lower gas and electricity bills.
Shell confirmed that it paid $134m in UK windfall tax in 2022, and expected to pay more than $500m in 2023. However, they added that they did not expect to pay any UK tax this year as it is allowed to offset decommissioning costs and investments in UK projects against any UK profits. To receive our full Analysis direct to your inbox or smart device please Click Here to Register Free
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