Alex Lawson Energy correpondent: Thu 2 Feb 2023 14.13 GMT
The government is under pressure to rethink its windfall tax on energy companies after Shell reported one of the largest profits in UK corporate history, with the surge in energy prices sparked by Russia’s invasion of Ukraine pushing the oil company’s annual takings to $40bn (£32bn).
Opposition parties and trade unions described Shell’s bonanza, the biggest in its 115 year history, as “outrageous” and accused Rishi Sunak of letting fossil fuel companies “off the hook”.
On Thursday, the UK headquartered company confirmed it had paid just $134m in British windfall taxes during 2022. It paid $520m under the EU “solidarity contribution” – Europe’s equivalent of the windfall tax.read more
Feb 2nd, 2023
by John Donovan.
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BBC NEWS
Shell reports highest profits in 115 years
Oil and gas giant Shell has reported record annual profits after energy prices surged last year following Russia’s invasion of Ukraine.
By Simon Jack & Nick Edser: 2 FEB 2023
Profits hit $39.9bn (£32.2bn) in 2022, double last year’s total and the highest in its 115-year history.
Energy firms have seen record earnings since oil and gas prices jumped following the invasion of Ukraine.
It has heaped pressure on firms to pay more tax as households struggle with rising bills.
Opposition parties said Shell’s profits were “outrageous” and the government was letting energy firms “off the hook”. They also called for the planned increase in the energy price cap due in April to be scrapped.read more
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
Jan 29th, 2023
by John Donovan.
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EXPRESS
‘Record’ profits likely to spark renewed calls for windfall taxes
Energy giant Shell is set to announce record annual net profits of more than £32.3billion at its results on Thursday, on the back of high gas and oil prices.
The bumper profits expected from Britain’s oil majors is likely to spark renewed calls for windfall taxes.
Howard Cox, founder of campaign group FairFuelUK, said action is needed from the Government to stop oil groups “ripping off motorists” and adding to the cost-of-living crisis.
He added: “In a time of huge inflation, striving so hard in order to fill up your essential car, van, or truck at a Shell garage, you can be comforted you have helped double this global oil
giant’s already mega profits.
“It is even more sickening that forecourts like Costco can sell petrol and diesel so much cheaper, 10p to 20p per litre less than Shell.read more
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
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
Jan 6th, 2023
by John Donovan.
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SkyNews
Shell to pay £1.7bn in UK and EU windfall taxes
It comes after bosses at the London-listed oil giant said in October they had not paid any UK windfall taxes due to heavy investment in the North Sea.
By Sarah Taaffe-Maguire, business reporter
Friday 6 January 2023 10:17, UK
Windfall tax payments are to cost Shell around $2bn (£1.7bn), the oil and gas company has revealed.
The cost of the UK’s energy profits levy and the EU’s recently announced solidarity contribution will reach $2bn (£1.7bn) in the final three months of its financial year, the firm said in a fourth quarter 2022 update.read more
Shell will review £25bn of investments in British projects after the chancellor extended the windfall tax on energy companies, its UK chairman has told Sky News.
David Bunch said the oil giant would re-examine each of its projects on a “case-by-case basis” after Jeremy Hunt increased the levy on “excess” oil and gas profits from 25% to 35% in last week’s autumn statement.read more
LONDON, Nov 21 (Reuters) – Shell (SHEL.L) said on Monday it will evaluate plans to spend up to 25 billion pounds in Britain over the next decade following the government’s decision to increase a windfall tax on oil and gas producers.
“We’re going to have to evaluate each project on a case by case basis,” said Shell’s UK country chair David Bunch told the Confederation of British Industry’s annual conference in Birmingham. “When you tax more you’re going to have less disposable income in your pocket, less to invest.”read more
David Bunch, Shell’s UK chairman, said the expanded levy announced in the Chancellor’s Autumn Statement is forcing the company to re-examine a slew of projects in the pipeline, from North Sea investments to renewable energy schemes.read more
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
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.
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
Shell has slammed the government’s windfall tax, saying while it “understands the worry for million” about the cost of living it will creates “uncertainty” about investment.
This follows Chancellor Rishi Sunak announcing a so-called Energy Profits Levy, a 25 per cent surcharge on North Sea oil and gas sector profits, which could last for up to three years.
The Treasury expects the tax will raise around £5bn over the next 12 months – which will help fund a £15bn package to save the country’s most vulnerable households £1,200 this year.
After BP said the tax may force it to reconsider its UK investment plans, Shell is the latest energy giant to come out against the levy.
A spokesperson told City A.M. : “We understand the worry for millions of people about how high energy costs are challenging their household budgets – and the need for support to help make ends meet.”read more
May 18th, 2022
by John Donovan.
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The Guardian
Shell boss faces investor rebellion over £13.5m pay package
Pirc urges shareholders at AGM to vote against Ben van Beurden’s ‘excessive’ pay
Alex Lawson Energy correspondent: Wed 18 May 2022 15.16 BST
The chief executive of Shell is facing an investor revolt over his £13.5m pay packet, as oil and gas firms battle growing calls for a windfall tax on their profits.
The investment adviser Pirc has urged shareholders to vote against Ben van Beurden’s pay packet at next week’s annual general meeting, calling it “excessive”.read more
Debbie: They really are useless little or no customer service. If you do get to talk to someone they haven't got a clue how to solve things. Never been happy since first signing. I never thought I would admit this but they make TalkTalk seem good. I am now fighting against the cost of 39 po7nd because I haven't returned it. Once again they are lying saying they sent out a self addressed envelope for the return of the modem. Must have got lost in the post.Also my contract ended 8th January it is now 24th and they only just let know. As a company they are devious untrustworthy and morally corrupt. They DO NOT deserve even 1 customer
Tailspin: 29th July 2020 Tailwind Energy Investments Ltd (Co. Reg. No.12776446) was incorporated with one ordinary share of £1 issued to Tailwind Energy Holdings LLP (Co. Reg. No. OC430905) for a consideration of £1
23rd December 2020 Tailwind Energy Investments Ltd issued 290 shares of £1 each to Tailwind Energy Holdings LLP in return for 290 shares of NSV Energy Ltd (Co. Reg. No. 06220464) representing a 100% interest in that entity. Following the transaction, Tailwind Energy Holdings LLP became the parent company of Tailwind Energy Investments Ltd. On the date of issue, the shares of NSV Energy Ltd were valued at $479.9 million resulting in the recognition of an investment of $479.9 million.
On 1st November 2021, Tailwind Energy Investments Ltd declared a dividend of $36.4 million. Tailwind Energy Investments Ltd entered into an agreement with its now subsidiary NSV Energy Ltd to pay the dividends directly to its parent's ultimate shareholders.
For the period ended 31st December 2021 Tailwind Energy Investments Ltd recorded a profit of $36.4 million arising from a dividend declared by its subsidiary in November 2021.
Dividends of $36.4 million ($125,245.7 per share) were declared by Tailwind Energy Investments Ltd for the period ended 31st December 2021.
Companies House records show for Tailwind Energy Holdings LLP under 'People' the following:
Cavendish Energy Holdings Ltd (Co. Reg No.12154073)
Mecuria Asset Holdings (Hong-Kong) Ltd A Private Ltd Company
Mercuria Holdings (UK) Ltd (Co. Reg. No. 123718128)
Companies House Records show that Tailwind Energy Holdings LLP is the 'Designated Member' and only 'Designated Member' for each of the above three companies. There is a 'circularity' here that does not seem correct. Where did the dividend go?
Tailwind Investments Ltd Annual Report and Financial Statements period ended 31st December 2021 indicates Page 16 7.
Tailwind Energy Investments Ltd is a wholly owned subsidiary of Tailwind Energy Holdings LLP itself a 51% subsidiary of Cavendish Energy Holdings Ltd (Co. Reg. No. 12154073) . Cavendish Energy Holdings Ltd is also the ultimate parent company and ultimate controlling party which prepares consolidated financial statements.
Companies House Records show under 'Appointments' for Cavendish Energy Holdings Ltd that Tailwind Energy Holdings LLP is the 'Active LLP Designated Member'.
Where did the $36.4 million dividend go?
Bogus Group: Thanks to Wrath for the clarification.
I recall a lot of competent and committed people at BG Group, I also recall a toxic culture among those aspiring to climb the leadership “greasy pole” at all costs. If Mr Gould’s disparaging comments were not aimed at the latter group, it’s no surprise the meeting ended on a low note. These are the people that set targets, but if they can’t perceive how to deliver, someone (not them) has to be held to account.
Seems like the pressure was being felt regarding Queensland Curtis LNG and the toxic ‘blame culture’ was in full-swing. I understood the cost overrun on this project was in the region of £3.3bn, which is surprising as their General Counsel at the time had written the highly regarded book ‘Project Finance’. It must have been left behind in TVP in preference for “back-end loading”.
Wrath: In response to Bogus Group's enquiry.
The reference to Contractors being given 'equal' status to Employees refers to a speech given by Andrew Gould, then Executive Chairman of BG Group, at a Townhall meeting in the BG cafeteria in the Hutton Building, Thames Valley Business Park, in Q4 2014.
At that Townhall meeting Mr Gould, during his speech to the assembled staff, made many references to 'you' (meaning BG Group Staff) failing to meet targets. (A Freudian slip, perhaps, given his ambition for a knighthood?). Eventually, a senior staff member in the audience corrected Mr Gould and said that he (the senior staff member) would feel happier if Mr Gould used the pronoun 'we' instead of 'you', at which point Mr Gould accepted the criticism and corrected himself. During that speech, Mr Gould also said that it was vital that BG Group meet their targets, especially first export of QC LNG coalbed methane to LNG, by year end. In order to achieve this he said that BG Group Contractors would have 'equal' status to BG Group Employees i.e. 'all hands to the pumps'. That meeting was recorded.
Shell makes $70bn BG offer (oedigital.com)
It was at the end of that meeting, that Sami Iskander, then Chief Operating Officer, stood up and to whoever would listen as they 'fled' the cafeteria with their ears burning made the statement that BG Group, the previous year (?) had spent £200MM assuring work which later cost the company £2Bn because it was wrong.
Bogus Group: Would like to hear more on the thread of these interesting comments.
Contractors were not always on ‘equal status’, particularly when it came to safety. In the BG Group 2010 annual report, Chapman’s statement that contractor safety would be a particular focus in 2011, seemed to infer that contractor performance was the issue, however, BG Group were ultimately responsible for those at the worksites, including contractors. In 2012, his “deep regret” of the unacceptable safety performance deterioration in 2011, would appear to indicate the “particular focus” was misconceived.
Wrath: Andrew Gould, former Executive Chairman of the failed BG Group, whose motives were questionable, would be well reminded that putting contractors on equal status as company employees in order to meet 'stretch' targets is in direct conflict with the 'Constitutions' of the various 'Bodies Corporate', despite alignment through 'bridging' documents.
in response to Wrath...: Technical safety across the board has suffered a similar mindset... "as long as it doesn't blow-up on my watch, it's <>." the new SEAM organization has made it abundantly clear, that safety has to be in "balance with business drivers of production and affordability." When it eventually goes boom, it will be blamed on TSE not the folks who are sweeping the concerns under the rug. the new emperors have no clothes!
Wrath: Subsurface Technical Staff at Shell who previously worked for BG Group would be well advised to remember that reserves should not be booked on subjective technical workflows and furthermore that both the technical workflows used in calculating reserves and their results should be reproducible by the Auditors. The BG philosophy of 'it's alright as long as the oil and/or gas is flowing out of the ground and we don't know where it is coming from' is irresponsible, short sighted and to the detriment of Shell's shareholders. This attitude should be dropped pronto!
Astudley: Internet down 3 times for a day at a time. Reported it never had any contact back or reason given. Useless company out at end of contract.
ANON: RE: Nigerian oil export terminal had theft line into sea for 9 years
Sometimes I think I have seen it all and then this comes along
Nigeria is simply doomed with all the corruption.
Take it from me, this is a major operation to fix. So the top brass must have been involved. Half or more of the population is scratching a living in miserable circumstances, there is no more rule of law and these gangsters lay a pipeline from a terminal and steal oil.
Simply beyond what I can imagine.
TERRIBLE: They cut off my 87 year old moms phone. This isn't just a phone for people of that age its and essential lifeline.
After spending an hour on hold I eventually got through to the customer service department. They said a bill hadn't been sent because of billing issues. That's why it wasn't paid.
So, I settled the bill over the phone.
The following day the service was resumed and a demand for the money paid over the phone was sent to her house.
How incompetent are these people.
I spent another hour on hold. No reply to the call at all this time.
No response to my emailed complaint.
Obviously I now have to find another provider.
But a lot of stress for my mother.
DO NOT DEAL WITH THESE PEOPLE.
They are the worst of the worst.
Date of experience: 10 September 2022
Listen and read proof in audio and transcript form of Shell CEO Ben van Beurden’s cover-up tactics in the OPL 245 Nigerian corruption scandal. The instruction given by him in the covertly recorded call to CFO Simon Henry was at odds with Shell’s claimed core business principles. Cover-up and obstruction, instead of transparency and integrity, says Shell critic John Donovan
JOHN DONOVAN TV DOCUMENTARY INTERVIEW
SHELL EXECUTIVES AT THE CENTER OF A SCHEME TO STEAL $1.3 BILLION FROM NIGERIA’S PEOPLE
SHELL ADMITS DEALING WITH NIGERIAN MONEY LAUNDERER – BBC NEWS
SHELL, ENI AND NIGERIAN OFFICIALS IN OPL 245 CORRUPTION SCANDAL
INVESTIGATION OF OPL 245 NIGERIAN OIL CORRUPTION SCANDAL
DUTCH EARTHQUAKES CAUSED BY SHELL/EXXON
SHELL KILLS FOR OIL IN NIGERIA
ESTHER KIOBEL SUES SHELL FOR COMPLICITY IN HUSBANDS MURDER
ESTHER KIOBEL: EVIL OIL GIANT SHELL COLLUDED IN THE EXECUTION OF MY INNOCENT HUSBAND
SHELL LIED ABOUT CLEANING UP OIL IN NIGER DELTA
SHELL SPIES INFILTRATED NIGERIAN GOVERNMENT
LEGO DROPS SHELL OVER GREENPEACE OIL SPILL VIDEO
SHELL ARCTIC DRILLING ACCIDENTS
SHELL KNEW ABOUT CLIMATE CHANGE DECADES AGO
ABANDONED BY SHELL: KEITH MACDONALD & FAMILY, VICTIMS OF RADIOACTIVE CONTAMINATION AT WORK
ROYAL DUTCH SHELL FOUNDER SIR HENRI DETERDING, NAZI FINANCIER
JOHN DONOVAN PROMOTIONAL GAMES FOR SHELL AND OTHER CLIENTS
EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON EBOOK TITLE: “JOHN DONOVAN, SHELL’S NIGHTMARE: MY EPIC FEUD WITH THE UNSCRUPULOUS OIL GIANT ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON. EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.
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The Guardian
Oil giant Shell set to unveil record profits of more than £30bn as households and businesses grapple with sky-high energy bills
The Telegraph
The Telegraph
EXPRESS
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