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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

Oil giant Shell set to unveil record profits of more than £30bn as households and businesses grapple with sky-high energy bills

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

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.

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

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

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 to pay tax in UK for first time in six years amid huge profits

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

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.

It’s a new year and Shell has a new boss, but the same old greed just won’t cut it

It’s a new year and Shell has a new boss, but the same old greed just won’t cut it

The company has to start paying for its share of the climate damage oil and gas have caused around the world. It certainly has the funds

inews.co.ukJanuary 6, 2023 11:41 am(Updated 1:07 pm)

OPINION By Areeba Hamid

As we welcome in a new year, Shell welcomes its new CEO, Wael Sawan.

Coming from Shell’s alternative energy division, Sawan’s appointment has already sparked speculation that this could mark a departure from the era of predecessor Ben van Beurden who presided over – among other things – Shell’s ignominious departure from the Alaskan Arctic, its first dividend cut since the Second World War and a loss in a landmark climate court case in the Netherlands. The company was also recently the focus of an documentary exposé and stinging spoof from comedian Joe Lycett.

Sawan steps up at an interesting time for the fossil fuel industry.

While households up and down the UK freeze, and struggle to put food on the table, Shell has made the most of tax breaks to avoid paying any windfall tax whatsoever. It’s even milked £100m from taxpayers. And instead of investing profits back into clean, cheap renewable power which could alleviate bills and shore up UK energy security, Shell has funnelled billions of that extra cash back into shareholder pockets in the form of buybacks. 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.

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

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

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.

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

yahoo!

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

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

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.

Governments urged to act after oil giants accused of misleading public

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

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.

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

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

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.

Big Oil Companies Are Greenwashing, Congress Committee Says

Big Oil Companies Are Greenwashing, Congress Committee Says

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

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 Executives Privately Contradicted Public Statements on Climate, Files Show

The New York Times

Oil Executives Privately Contradicted Public Statements on Climate, Files Show

The documents, subpoenaed in a House investigation of climate disinformation, show company leaders contravening industry commitments. 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’s £80m boss Ben van Beurden preparing to join stream of FTSE100 bosses heading for the door

This is MONEY

Shell’s £80m boss Ben van Beurden preparing to join stream of FTSE100 bosses heading for the door

The £80million boss of Shell is preparing to join the stream of FTSE100 bosses heading for the door. 

Ben van Beurden – who, it emerged in March, bagged £4.6million in bonuses on top of his £1.4million salary last year, taking his total pay and bonuses to almost £80million during his nine years at the helm – could step down as soon as 2023 as the oil giant begins its search for a replacement. 

His departure will mark the end of an era for Shell, as it tries to toe the tricky line of boosting Britain’s energy security with embracing sustainable technologies. While Van Beurden’s legacy includes a commitment to reduce oil production, he has been criticised for failing to take more drastic action. 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.

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.

£7.5bn taxpayer handout for oil titans Shell and BP

This is MONEY.co.uk

Shell and BP to share in huge giveaway that will blow hole in gains from windfall tax: £7.5bn taxpayer handout for oil titans

  • Energy giants already receive Treasury incentives to invest in the North Sea 

  • Fresh changes have been ushered in that will turbocharge the subsidies 

  • Plans introduced at same time as Government’s £5bn ‘windfall tax’ 

  • City sources describe exceptionally high incentives as ‘beyond believable’ 

Oil and gas titans are set to reap a mammoth taxpayer giveaway of up to £7.5billion despite making record profits.

BP and Shell are among the firms that will benefit from new tax breaks, despite BP boss Bernard Looney comparing his firm to a ‘cash machine’.

Energy giants already receive Treasury incentives to invest in the North Sea, but fresh changes have been ushered in that will turbocharge the subsidies. The plans have been introduced at the same time as the Government’s £5billion ‘windfall tax’ – billed as taxing energy firms to help pay for the cost-of-living crisis. 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 get profits bonus as energy bills soar

BBC NEWS

Shell staff get profits bonus as energy bills soar

4 August 2022

Energy giant Shell is to give its workers a one-off 8% bonus after the company reported record profits from high oil and gas prices.

Most of the 82,000 staff it employs worldwide will get the pay boost but top executives will be excluded.

Shell said the award reflected its financial success and was “not a response” to the rising cost of living.

Energy firms’ bumper profits have prompted calls for tougher taxes to help families with rising bills. 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.