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

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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.

Alexander Kirk, a campaigner at Global Witness, said: ‘Despite the glaringly obvious inequality at the heart of our energy system, the Government appears to be making the same mistakes all over again.

‘The simple truth is that the windfall tax has not worked and new evidence has shown that through loopholes in the UK’s tax regime, UK taxpayers are handing oil and gas companies billions extra in tax rebates.’

Sharon Graham, Unite general secretary told the Guardian: ‘The scale of profiteering displayed today by Shell and earlier this week BP is one of the corporate scandals of our times. And this is practically untouched by Rishi Sunak’s so-called windfall tax.

‘Actually it’s time to consider something way beyond a windfall tax. Unite research has found that if the UK had a Norwegian tax take we would be earning at least £30 billion more from the North Sea than we are now.

‘Not taking any action against “Big Oil” means the profiteering plundering will continue without end.’

Greenpeace, who have previously occupied Shell platform also called for urgent change.

Charlie Kronick, senior climate advisor at Greenpeace UK: ‘As temperatures soar from Madrid to Mogadishu, Shell is once again posting bumper profits while promising to keep extracting fossil fuels for years to come.

‘Millions around the world are already feeling the effects of the climate crisis and it’s those who did the least to cause it who are paying the heaviest price.

‘It’s time for the oil giants to start feeling the heat. The UK Government should stop issuing new oil and gas licences and force Shell and the rest of the industry to start using their obscene profits to pay for the damage that their fossil fuel habit is causing to lives and livelihoods around the world.’

Shell said that compared to the last three months of 2022, it had faced unfavourable tax movements, and the price it was able to sell oil and gas at dropped.

However, the business said that it had managed to offset some of this through cutting operating expenses and a rise in its chemicals and products trading business.

Commenting on their profits, TUC General Secretary Paul Nowak told the Guardian: ‘These sky-high profits beg the question – will the government ever have the backbone to tax the energy giants properly?

‘While families across Britain have struggled to heat their homes, Shell have enjoyed a record cash bonanza.

‘Our energy market is fundamentally broken. It’s time to end the energy racket.’

Get in touch with our news team by emailing us at [email protected].

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