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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

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.

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

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 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.

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.

BP and Shell could be takeover targets if Exxon and Chevron snatch opportunity for ‘industry arbitrage’ – Citi

Jan 27th, 2023
by John Donovan.
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BP and Shell could be takeover targets if Exxon and Chevron snatch opportunity for ‘industry arbitrage’ – Citi

proactiveinvestors.co.uk

Jamie Ashcroft: Wed 25 Jan 2023

BP PLC (LSE:BP.) and Shell PLC (LSE:SHEL, NYSE:SHEL) may find themselves at the negotiating table as American peers Exxon Mobil Corporation (NYSE:XOM) or Chevron Corporation (NYSE:CVX) could come calling, that’s the view of analysts at Citigroup.

A megamerger between either London-listed oil major and either of America’s largest oilers appears increasingly attractive, on valuation terms at least, according to the Wall Street bank. 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

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.

Pressure mounting on $318b energy giant that says it cares about climate

Nov 4th, 2022
by John Donovan.
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The Sydney Morning Herald

Pressure mounting on $318b energy giant that says it cares about climate

Laura Chung: November 4, 2022 — 8.45am

All around the world, the pressure on $318 billion oil and gas giant Shell is mounting. In the Netherlands, the company was forced to remove ads promoting “carbon-neutral” petrol after they were found to be misleading by the Netherlands’ Advertising Code Committee. In the US, a House of Representatives committee heard Shell had touted its climate goals and vision but internal emails painted a different picture. 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.

Once again, an American president targets UK companies to win votes

Nov 2nd, 2022
by John Donovan.
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The Telegraph

Once again, an American president targets UK companies to win votes

Shell and BP’s windfall profits have made them an easy target for Biden’s populism

: CHIEF CITY COMMENTATOR

Calling on the oil and gas industry to “stop war profiteering”, Biden said: “The oil industry has a choice. Either invest in America by lowering prices for consumers at the pump and increasing production and refining capacity. Or pay a higher tax on your excessive profits and face other restrictions.” 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.

While ordinary Brits struggle BP and Shell shareholders celebrate Putin-war pay-day

Nov 1st, 2022
by John Donovan.
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EXPRESS

While ordinary Brits struggle BP and Shell shareholders celebrate Putin-war pay-day

Today BP announced it had made £7.1bn in profit over the last three months. Tagged onto their profit figures was the announcement that the oil giant would initiate a new round of share buybacks totalling $2.5 billion.

By DR GEORGE DIBB

Share buybacks, which involve a company repurchasing its own stock to artificially boost its overall share price, were illegal in the UK until 1981 because they were considered a form of market manipulation. Last week, Shell also announced it would spend nearly half of its $9.5 billion profits on a bumper $4 billion buyback programme for shareholders. At the same time, the oil multinational revealed it hadn’t paid a single penny of the windfall tax in the UK. 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.

FT: BP and Shell’s divergent tax bills highlight UK windfall flaws

Nov 1st, 2022
by John Donovan.
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Financial Times: BP and Shell’s divergent tax bills highlight UK windfall flaws

David Sheppard: 1 Nov 2022

Shell’s outgoing chief executive Ben van Beurden is adamant that oil and gas companies have to “embrace” the idea of paying more tax during the energy crisis to support society’s most vulnerable. But the message did not appear to have reached the accountants at Shell’s UK arm in time for the company’s most recent results.

FULL FT ARTICLE

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 could start profit slowdown as Labour pushes to expand windfall tax

Oct 25th, 2022
by John Donovan.
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CITYA.M.

Shell could start profit slowdown as Labour pushes to expand windfall tax

: MONDAY 24 OCTOBER 2022 4:13 PM

The historic profit run from oil and gas titans is expected to slow down this week, when Shell unveils its latest results.

Producers are grappling with both inflation and suppressed demand amid growing expectations of a global recession.

Shell has warned ahead of its third quarter update this week that earnings will likely be dented by a sharp hike in refining costs and weaker natural gas trading.

In an update earlier this month, it revealed indicative refining margins dropped to $15 a barrel compared with $28 a barrel in the previous three months of trading.

The energy giant will update investors on its performance this Thursday, the first in a wave of results from oil and gas giants over the coming days.

Rivals BP, Chevron, Exxon Mobil, Equinor and Saudi Aramco will also announce their results over the coming days – offering markets a flurry of data on the latest conditions in the fossil fuel sector. 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 is leading the way on this $4 trillion climate change solution some say won’t work

Sep 27th, 2022
by John Donovan.
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yahoo!

Oil giant Shell is leading the way on this $4 trillion climate change solution some say won’t work

Marianna Cerini

Fossil fuel companies are leading the way when it comes to a climate change solution that, despite its backing from multiple governments, has faced criticism as an ineffective way to reach net zero.

Carbon capture and storage (CCS) allows industries that burn fossil fuels to trap carbon emissions and transport them via pipelines, trucks, or ships for geological storage. The carbon dioxide is injected underground into rock formations, usually at depths of one kilometer or more. 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.

For Western energy giants, escaping Russia has become the longest goodbye

Sep 26th, 2022
by John Donovan.
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The Telegraph

For Western energy giants, escaping Russia has become the longest goodbye

Not long ago oil and gas companies were scrambling to get into Russia, rather than out

Shell has had ties to Russia since 1912 after buying the Rothschild family’s interests there. More recently, its partnership with Russia’s state gas giant Gazprom has helped it access vast gas reserves in Russia’s far east.

It, too, hung on even after having to cede control of the $22bn [£19bn] Sakhalin-2 gas facility to Russia in 2006 following months of Kremlin pressure.

Shell’s boss, Ben van Beurden, met Putin in April 2014, shortly after Russia’s annexation of Crimea, to tell him they wanted to expand the project. Equinor, meanwhile, entered Russia in the 1990s and ten years ago struck a major exploration deal with Rosneft as the two Arctic powers forged closer ties.

By the start of the war, foreign companies covered about 11pc of Russia’s oil and gas production, according to James Henderson, at the Oxford Institute for Energy Studies. BP, TotalEnergies, Wintershall Dea, Shell and India’s Oil and Natural Gas Corporation were the largest. 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.

Governments urged to act after oil giants accused of misleading public

Sep 18th, 2022
by John Donovan.
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The Guardian

Governments urged to act after oil giants accused of misleading public

Documents suggest Shell and BP staff privately downplayed public commitments on climate crisis

Alex Lawson Energy correspondent: Fri 16 Sep 2022 16.42 BST

Campaigners have urged governments to intervene after oil companies were accused of misleading the public about their commitment to reducing carbon emissions.

Oil and gas companies including Britain’s Shell and BP were urged to “stop their deception” this week as the US House committee on oversight and reform released documents showing that oil industry executives privately downplayed their public messages on efforts to tackle the climate crisis.

The memo claimed that internal BP documents highlighted how carbon capture and storage (CCS) – a nascent technology that involves inserting CO2 emissions into underground rock formations – could “enable the full use of fossil fuels across the energy transition and beyond”.

Congressional investigators also unearthed an internal Shell email discussing carbon capture, utilisation, and storage (CCUS) in which an executive said: “We want to be careful to not talk about CCUS as prolonging the life of oil, gas or fossil fuels writ large.” 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.

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

Sep 18th, 2022
by John Donovan.
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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

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.

Big Oil Companies Are Greenwashing, Congress Committee Says

Sep 18th, 2022
by John Donovan.
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Big Oil Companies Are Greenwashing, Congress Committee Says

by Bloomberg: Kevin Crowley and Ari Natter: Saturday, September 17, 2022

A House congressional committee said internal documents from Exxon Mobil Corp., Chevron Corp., Shell Plc, and BP Plc reveal that their public promises to fight climate change amount to greenwashing.

A cache of emails, lobbying and preparation materials for senior executives obtained by the Committee on Oversight and Reform show that Big Oil climate pledges rely on “unproven technology, accounting gimmicks, and misleading language to hide the reality,” Subcommittee Chair Ro Khanna said in an emailed statement. 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.
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