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Shell profits jump 43% to £7.2 billion amid calls for windfall tax

Evening Standard

Shell profits jump 43% to £7.2 billion amid calls for windfall tax

By Oscar Williams-Grut City Editor @OscarWGrut: 5 May 2022

Oil giant Shell has announced a huge jump in profits amid growing calls for a windfall tax on oil and gas giants.

Royal Dutch Shell reported underlying profits of $9.1 billion (£7.2 billion) in the first quarter, up 43% on the final three months of 2021 thanks to soaring oil and gas prices.

The huge profits are likely to reignite calls for a windfall tax on energy giants. A one-off tax on BP and Shell alone could raise £9 billion for the Treasury, the Liberal Democrats estimate. 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.

High energy prices leave oil giants untroubled by Russia exit or tax hints

The Guardian

High energy prices leave oil giants untroubled by Russia exit or tax hints

BP and Shell are expected to report increased profits this week despite taking a big hit from the war in Ukraine

Rob Davies @ByRobDavies: Sun 1 May 2022

“May you live in interesting times,” runs the saying, supposedly an English translation of an ancient Chinese curse.

For BP and Shell, the British companies that account for two of the world’s seven oil “supermajors”, the first quarter of 2022 has been painfully fascinating. 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 record mega-profits as firms exploit soaring energy prices

EXPRESS

BP and Shell record mega-profits as firms exploit soaring energy prices

RECORD gas and oil prices since the Ukraine conflict have helped deliver bumper dividends for shareholders in energy companies.

By TOM HILL

13:56, Wed, Apr 27, 2022 | UPDATED: 13:57, Wed, Apr 27, 2022 Both gas and oil prices had already been pushed up over winter as supply failed to keep pace with demand bouncing back from the pandemic. Since Russia’s invasion of Ukraine prices have been squeezed even further with oil soaring past $100 (£79.64) a barrel to heights of up to $130 (£103.52). The increased revenue from energy has helped deliver soaring returns for investors with the oil sector seeing dividends rise 29 percent in the first quarter of 2022 according to data firm Link Group. Link points to an “astonishing rebound in oil prices” which it says has “delivered a dramatic turnaround” for energy firms. The contribution of energy firms helped drive up UK dividends by an average 12.2 percent on an adjusted basis.

Among the top 10 dividend payers for 2022 are Shell, BP and National Grid.

The growing profits for energy firms has attracted criticism given the UK’s current cost of living crisis with some calling for a windfall tax on the gains.

So far though the Government has dismissed the idea with Justice Secretary Dominic Raab calling the idea “disastrous”. 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, Shell, Exxon Among Oil Giants Who Have Paid $100 Billion to Russian Gov’t Since 2014

democracynow.org

BP, Shell, Exxon Among Oil Giants Who Have Paid $100 Billion to Russian Gov’t Since 2014

March 28, 2022

On Saturday, Ukrainian President Volodymyr Zelensky addressed the Doha Forum in Qatar, asking oil- and gas-producing countries to up their output to reduce reliance on Russian imports.

This comes as new data reveal Western oil giants including BP, Shell and Exxon have poured nearly $100 billion into Russian fossil fuel projects since its 2014 invasion of Crimea.

The analysis was released by Global Witness, Greenpeace USA and Oil Change International. 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 boss has pay cut after a string of gruesome deaths, including a gun attack on workers

Shell boss has pay cut after a string of gruesome deaths, including a gun attack on workers

Shell’s boss had his pay cut after a string of gruesome deaths, including a gun attack on workers.

Ben van Beurden was docked £132,283 – ten per cent of his base salary – after the firm recorded eight deaths last year. A police officer and six staff from an engineering contractor died when gunmen attacked a bus convoy en route to a gas project in Nigeria. 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 buys Russian oil days after saying it would limit business with the country for its ‘senseless act of military aggression’ against Ukraine

Shell buys Russian oil days after saying it would limit business with the country for its ‘senseless act of military aggression’ against Ukraine

  • Shell announced on Saturday it purchased Russian oil to prevent market interruptions and ensure supply security.
  • Shell previously said it would limit business with Russia, including divesting from Gazprom, a Russian majority state-owned energy company.
  • “We will continue to choose alternatives to Russian oil wherever possible, but this cannot happen overnight because of how significant Russia is to global supply,” Shell said.

Shell announced it purchased a cargo of crude Russian oil, just days after the oil giant said it would limit business with the country in response its “senseless act of military aggression” against Ukraine.

In a statement shared to Twitter on Saturday, Shell said it made “the difficult decision” to buy the oil from Russia — the world’s third-largest oil producer and a major gas exporter to Europe — citing concerns over market interruptions and supply security. 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.

The Hindenburg, The Titanic and Shell Prelude FLNG

The Hindenburg, The Titanic and Shell Prelude FLNG

By John Donovan

A huge bomb the size of several aircraft carriers welded together is floating off the coast of Australia. It was never meant to be a bomb but is now deemed to be so dangerous, susceptible to an explosion, that it is on emergency shutdown after a fire. 

This article is written in collaboration with a retired Shell Global HSE Consultant Mr Bill Campbell. For several years we have been jointly ringing alarm bells about the Shell Prelude FLNG project. 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 joins BP in pullback from Russia

FT: Shell joins BP in pullback from Russia

Shell said it would end all three of its joint ventures with Kremlin-backed Gazprom, including its 27.5 per cent stake in the huge Sakhalin-2 liquefied natural gas project…

The company’s Russia business was already contentious for some staff, not least because four Shell employees were among those killed when Malaysia Airlines flight MH17 was shot down over Ukraine in 2014.

FULL FT ARTICLE

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 abandons Russia and Nord Stream 2 pipeline 

The Telegraph

Shell abandons Russia and Nord Stream 2 pipeline 

Shell has pledged to sever ties with the Kremlin by exiting its joint ventures with the Russian state-backed energy colossus Gazprom.

The oil giant said it will end its tie-up with Gazprom by selling its 27.5pc stake in the Sakhalin 2 liquefied natural gas (LNG) plant and will stop working on the Nord Stream 2 pipeline project, which Germany put on ice earlier this month.

Shell’s Russian assets were valued at $3bn at the end of last 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.

BP abandons stake in Russian oil giant Rosneft: Will Shell pull out of Russia?

The Telegraph

BP abandons stake in Russian oil giant Rosneft

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 pulling out of Russia? What about Shell?

BP to offload stake in Russian oil firm Rosneft

BBC Breaking News: 27 Feb 2022

BP is to offload its 19.75% stake in Russian state-owned oil firm Rosneft after Russia’s “act of aggression in Ukraine”.

The oil giant had come under pressure from the UK government to make the move since Thursday’s invasion.

It has held the shareholding in the Russian company since 2013.

BP chief executive Bernard Looney has resigned “with immediate effect” from the Rosneft board, as has fellow BP-nominated director Bob Dudley. 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 and gas firms have unlisted links to Westminste

The Guardian/ The Observer

Oil and gas firms have unlisted links to Westminster

Shanti Das: Sun 20 Feb 2022 

Lobbyists representing fossil fuel giants are quietly helping run parliamentary groups on energy and climate policy without the need to formally declare their involvement.

The trade associations, which are funded by oil and gas producers including Shell, BP and ExxonMobil, provide administrative and public relations support to groups of MPs.

Their roles are not included in official parliamentary transparency logs because of rules that say only benefits in kind above £1,500 a year must be recorded – a threshold the trade bodies say they do not meet. 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.

The great greenwashing scam: PR firms face reckoning after spinning for big oil

The Guardian

The great greenwashing scam: PR firms face reckoning after spinning for big oil

A comprehensive study confirms that oil companies are largely all talk and no action when it comes to clean energy initiatives

Amy Westervelt: @amywestervelt: Fri 18 Feb 2022 11.00 GMT

This week a peer-reviewed study confirmed what many have suspected for years: major oil companies are not fully backing up their clean energy talk with action. Now the PR and advertising firms that have been creating the industry’s greenwashing strategies for decades face a reckoning over whether they will continue serving big oil. The study compared the rhetoric and actions on climate and clean energy from 2009 to 2020 from the world’s four largest oil companies – ExxonMobil, Chevron, Shell and BP. 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.

Huge profits at BP and Shell revive calls for windfall tax to tackle fuel poverty

CNN

Huge profits at BP and Shell revive calls for windfall tax to tackle fuel poverty

London (CNN Business) – News that Britain’s biggest oil companies made $32 billion in profit last year is stoking calls for the UK government to impose a temporary tax on their earnings to help households pay soaring energy bills.

Reporting earnings on Tuesday, BP (BP) posted an annual profit of almost $12.9 billion. Shell (RDSA) reported a profit of $19.3 billion last week after what it described as a “momentous” year. Profits at both companies have been boosted by a huge rebound in oil and natural gas prices after they collapsed at the start of the pandemic. The bumper earnings have allowed them to accelerate investments in lower carbon and renewable energy projects while also handing billions of dollars to investors in the form of dividends and share buybacks. Between them, BP and Shell spent $7.7 billion buying back shares last year, and the windfall for investors looks set to continue. BP said it expected to be able to deliver share buybacks of $4 billion per year, while Shell announced plans to hand back $8.5 billion to shareholders in the first half of 2022, including proceeds from last year’s sale of its assets in the Permian Basin in the United States. The huge profits coincide with the announcement that energy bills for most UK households will rise by 54% in April, fueling a cost-of-living crisis that the Bank of England has forecast will mean the biggest drop in disposable incomes in decades. FULL ARTICLE
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.

£40bn profits for BP and Shell fuel calls for windfall tax on energy firms

The Observer/Guardian Online

£40bn profits for BP and Shell fuel calls for windfall tax on energy firms

‘Obscene’ amounts of surplus cash should be used to ease cost of living crisis, MPs told

Phillip Inman: Sat 5 Feb 2022 17.05 GMT

Oil giants BP and Shell are on course to make a combined profit of almost £40bn this year from the rocketing price of petrol and gas, fuelling calls for a windfall tax on energy firms to ease the cost of living crisis.

Before BP’s annual results this week, anti-poverty campaigners described the profits of oil producers as “obscene” and demanded the government take action to tax their surplus cash to support poorer families hit by rising energy 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.

Oil and gas trade body drops ‘oil and gas’ from its name

The Telegraph

Oil and gas trade body drops ‘oil and gas’ from its name

By Matt Oliver: 31 January 2022 • 4:20pm

The trade group that represents UK oil and gas companies is dropping the words “oil and gas” from its name to reflect the ongoing rise of green energy.

Oil and Gas UK will be renamed Offshore Energies UK from February 14, the body said on Monday.

It follows a year-long strategic review by the group, which said the change reflects “the evolving nature of the industry”.

OGUK said its members, which include BP, British Gas owner Centrica, Shell and Chevron approved the name change in December. 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.