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Shell faces energy fury as £31bn bumper profits could pay for 2.1m heat pumps for Britons

EXPRESS

Shell faces energy fury as £31bn bumper profits could pay for 2.1m heat pumps for Britons

In just the third quarter of the year, UK-based energy giant Shell raked in profits of £8.2billion.

By ANTONY ASHKENAZ:

New analysis has found that over the past twelve months, energy giant Shell has generated a staggering £31billion in excess profits. This has prompted fury among critics, as millions of Britons face unprecedented energy bill hikes, crippling inflation and a major cost of living crisis. Today, Shell has announced profits of £8.2billion for the third quarter of this year. The business said it made adjusted earnings of $9.5billion US dollars over the three months down from $11.5billion (£9.9billion) the quarter before. According to Global Witness, which conducted the analysis, this profit earned by the energy giant was in addition to the profits that they would make in a normal year. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell pays no UK windfall tax despite profits jump

BBC NEWS

Shell pays no UK windfall tax despite profits jump

By Michael Race: Business reporter, BBC News: 27 Oct 2022

Shell has reported its second highest quarterly profit on record but it has not paid the UK’s windfall tax on energy firms.

The energy giant said global profits reached $9.5bn (£8.2bn) between July and September, compared to $4.2bn during the same period last year.

However, Shell said that because it had made large investments in the UK, it meant it had made no profit here.

It also does not expect to start paying windfall taxes until early next year.

The Energy Price Levy – or windfall tax – on the profits of energy firms was announced by Rishi Sunak in May, when he was chancellor. At the time he said it would raise £5bn in its first year. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Biden says Shell is misusing its profits by not cutting gas prices

Biden says Shell is misusing its profits by not cutting gas prices

SYRACUSE, N.Y. (Reuters) – U.S. President Joe Biden blasted Shell plc on Thursday for funneling profits to shareholders rather than lowering gas prices, after the British oil giant said it would boost its dividend and buy back shares.

Shell earlier on Thursday said its third-quarter profit was a near-record $9.45 billion, as it sharply boosted its dividend by 15% and announced plans to buy $4 billion more of stock over the next three months. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Energy giant Shell has already made £31bn in excess profits over past year

global witness

Energy giant Shell has already made £31bn in excess profits over past year

Analysis of Shell Q3 profits shows their 12 month windfall profits could pay for 12.5 million UK energy bills

27th October 2022, London – UK-based fossil fuel giant Shell has made £31 billion in excess profits over the past twelve months, while Brits have seen energy bill hikes drive an acute cost of living crisis, according to Global Witness analysis of the company’s third quarter profits reported today.

This is money Shell has made in addition to their “normal,” but already high, profits, and was spurred by high global energy prices. See notes for full methodology. It could pay for:

  • The energy bills of 12.5 million British households, or

  • Almost half of the £68 billion the government needs to help its citizens with high energy bills, or

  • Heat pumps for 2.1 million UK homes, that would protect families from energy price volatility, or

  • The energy bills of everyone on universal credit; plus emergency aid for all 19 million Yemeni’s caught in one of the world’s worst humanitarian disasters; plus emergency shelter for all of the victims of Pakistan’s climate crisis caused floods – and still leave £17.1 billion in excess profits for Shell’s shareholders. (2)

These extraordinary windfalls come as Shell announced overall adjusted earnings of $9.5 billion this quarter, a slight drop from its record last quarter, but much higher than the company has averaged in recent years. This at a time when the UK government debates how best to support its citizens through a cost-of-living crisis that could see 3 million more British people – and 30 percentage of all UK children (3) – living in poverty from next year. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell beats forecasts as profits more than double

BBC NEWS

Shell beats forecasts as profits more than double

By Michael Race: Business reporter, BBC News: 27 Oct 2022

Shell has reported profits have more than doubled between July and September helped by high oil and gas prices.

The energy giant said underlying profits reached $9.5bn (£8.2bn) in the third quarter.

That compares to $4.2bn during the same period last year though it is a slowdown from the second quarter when it announced record figures.

The invasion of Ukraine sparked oil and gas prices to rise as nations pledged to cut dependence on Russian energy. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Oil giant Shell reveals plans to hike dividend as it reports third-quarter profit

CNBC

Oil giant Shell reveals plans to hike dividend as it reports third-quarter profit

Silvia Amaro@SILVIA_AMARO

Sam Meredith@SMEREDITH19

KEY POINTS

  • The oil giant also announced Thursday a new share buyback program.

  • It also revealed plans to increase its dividend per share by around 15% for the fourth quarter 2022.

  • The group’s results come soon after it was announced CEO Ben van Beurden will step down at the end of the year after nearly a decade at the helm.

British oil major Shell reported a third-quarter profit Thursday, but lower refining and trading revenues brought an end to its run of record quarterly earnings.

Shell posted adjusted earnings of $9.45 billion for the three months through to the end of September, meeting analyst expectations of $9.5 billion according to Refinitiv. The company posted adjusted earnings of $4.1 billion over the same period a year earlier and notched a whopping $11.5 billion for the second quarter of 2022. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Energy company Shell reports profits of $9.5bn for Q3 of 2022

The chief executive of Shell had himself called on the government to tax oil and gas companies in order to protect the poorest people in society from soaring energy costs.

skynews

Energy company Shell reports profits of $9.5bn for Q3 of 2022 but not at record levels seen in first half of year

The London-listed oil and gas company had reported record profits in the first half of the year amid soaring oil and gas prices.

Shell has reported operating profits of $9.5bn (£8.19bn) for the third quarter of this year, lower than that of the three months before but still more than double the same period in 2021. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

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

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

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Europe faces long-term pain from energy crisis: Shell CEO

AFP

Europe faces long-term pain from energy crisis: Shell CEO

23 Oct 2022

Doha (AFP) – Europe faces painful “industrial rationalisation” due to its energy crisis that risks political trouble, the head of Shell warned Sunday, as the oil giant joined a natural gas project in Qatar.

Shell chief executive Ben van Beurden agreed a deal for a 9.3 percent stake in Qatar Energy’s North Field South project, that will play a major role in the Gulf state’s effort to increase liquefied natural gas (LNG) production by 50 percent in the next five years.

At the signing ceremony in Doha, van Beurden said European industry face taking a major hit from the energy crisis, worsened by the Russian invasion of Ukraine.

Europe has reduced consumption “quite effectively, quite significantly” following the loss of 120 million tonnes of Russian gas a year, van Beurden said, but “a lot of this reduction is achieved by switching off industry”.

Europe has desperately searched for quick alternatives to Russian gas, but van Beurden said Europe would need large amounts of LNG for decades. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell shares slide after profit warning

The Telegraph

Shell shares slide after profit warning

 

Shell has issued a profit warning for the third quarter in a sign the energy giant’s record run of earnings could be coming to an end.

The FTSE 100 company reported a negative margin of $27 per metric tonne in its chemical unit, which is often seen as an indicator of the strength of the wider economy.

That could be a worrying sign of the outlook across Europe, where major industries are struggling to cope with soaring gas prices.

Shell also reported a decline in its refining margins as oil prices eased back from their recent highs. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Weaker refining, gas trading to hit Shell’s third-quarter results

REUTERS

Weaker refining, gas trading to hit Shell’s third-quarter results

KEY POINTS

  • Shell reported record profits in the first half of the year on the back of soaring energy prices.

  • The British energy giant now expects lower refining margins and weaker earnings from natural gas trading.

  • It has seen a slump in demand for plastics as well as lower seasonal demand, and faces growing concerns over a global economic slowdown.

Shell said on Thursday its third-quarter profits would be pressured by a sharp drop in refining margins and
”significantly” weaker earnings from natural gas trading.

The British energy giant reported two consecutive quarters of record profits in the first half of the year amid soaring oil and gas prices, and stellar earnings from its trading operations, the world’s biggest.

But in the third quarter, indicative refining margins dropped to $15 a barrel compared with $28 a barrel in the previous three months, Shell said in an update ahead of its results on Oct. 27, amid growing concerns over a global economic slowdown. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

‘Tax people in this room’ to help the poor, Shell CEO tells energy conference

REUTERS

‘Tax people in this room’ to help the poor, Shell CEO tells energy conference

Published 04 Oct 2022

European governments should tax the wealthy to help weaker parts of society weather soaring energy costs but not intervene to cap gas prices, Shell Chief Executive Officer Ben van Beurden said on Tuesday.

Speaking before the Energy Intelligence Forum in London, Van Beurden said that European energy prices and the huge volatility in the markets threatened broader social instability.

“You cannot have a market that behaves in such a way … that is going to damage a significant part of society.”

“One way or another there needs to be government intervention” in the face of soaring energy prices, Van Beurden said. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

REVEALED: UK ‘fat cat’ power bosses pocketed £30million last year

MailOnline

REVEALED: UK ‘fat cat’ power bosses pocketed £30million last year as struggling households are warned energy price cap could hit £7,700 in April

Bosses of Shell, BP and National Grid are among the top earners of seven energy and utility firms in the FTSE 100 index of leading companies on the stock market

The five energy and power companies make up £23million of the total
Ben van Beurden, the chief executive of Shell, made £6.2m in pay and bonuses 

By FRANCESCA WASHTELL DEPUTY CITY EDITOR FOR THE MAIL ON SUNDAY PUBLISHED: 22:27, 27 August 2022 | UPDATED: 00:46, 28 August 2022 read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell Slashes Refinery Output In EU As Drought Disrupts Transportation

OILPRICE.COM

Shell Slashes Refinery Output In EU As Drought Disrupts Transportation

Shell slashed its refinery output at its Shell Energy and Chemicals Park Rheinland fuel-making facility as low Rhine River levels halted the flow of goods, Shell said on Thursday.

“Due to the low Rhine water level we have reduced the capacity of Shell Energy and Chemicals Park Rhineland. The situation regarding supply is challenging but carefully managed,” Shell said in an emailed statement to Reuters. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

PURE GREED: How fatcat energy bosses will bank a staggering £15 MILLION as terrified hard-up Brits choose heating or eating

The Sun

PURE GREED: How fatcat energy bosses will bank a staggering £15 MILLION as terrified hard-up Brits choose heating or eating

IT is High Noon for the energy fatcats today as they drag their expensively-dressed behinds into showdown talks with the Chancellor.

As The Sun revealed yesterday, Nadhim Zahawi has summoned gas and electricity bosses in to explain just how much cash they are making out of the energy crisis.

It comes as energy experts at Auxilione revealed energy bills could reach over £5,000 next year and Martin Lewis warned the crisis could put lives at risk. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell staff land bonus windfall equating to 8% of their salary as profits surge to £9.5bn

This is MONEY.co.uk

Shell staff land bonus windfall equating to 8% of their salary as profits surge to £9.5bn

  • The oil giant has awarded most of its 82,000 staff a bonus equal to 8 per cent of their annual salary 

  • Executive vice-presidents or higher will not receive the bonus

  • The average salary for Shell UK employees is around £52,000 per year, meaning a British worker will get £4,200

Shell has handed out a bonus to its employees following bumper profits amid surging energy prices.

The oil giant has awarded most of its 82,000 staff a bonus equal to 8 per cent of their annual salary after reporting a record profit of £9.5bn in the second quarter of this year as it cashed in on higher oil and gas prices.

Executive vice-presidents or higher will not receive the bonus. The average salary for Shell UK employees is around £52,000 per year, meaning a British worker will get £4,200. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.