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Shell benefits from energy crisis as soaring gas prices lift profits

The Guardian

Shell benefits from energy crisis as soaring gas prices lift profits

Mark Sweney: Fri 7 Jan 2022 12.48 GMT

Shell expects a significant boost in profits in its natural gas division, thanks to soaring prices, when it reports its latest results next month, as the oil and gas company said investors would benefit from the continuation “at pace” of its $7bn share buyback scheme this year.

Shell, the world’s largest producer and trader of liquified natural gas, expects trading results at its integrated gas business in the fourth quarter to be “significantly higher” year on year as the rocketing price of gas outweighs a drop in production volume because of unplanned maintenance works.

Potential interventions being lobbied for include a windfall tax on major oil and gas companies such as Shell, as well as extending fuel grants, moving green levies from household bills into general taxation, and axing the 5% VAT on bills imposed when the UK was part of the EU.

Later this month, Shell will move its headquarters from the Netherlands to the UK and scrap its dual share structure, after shareholders voted to back a proposal to simplify the Anglo-Dutch company’s operation.


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