Posts Tagged ‘Oil Prices’

While Europe swelters in record-breaking heat, Shell stays cool as a cucumber and defiantly plans to increase oil and gas production. It’s heartwarming to witness such dedication to contributing to the climate crisis while lining their own pockets. Truly, a match made in heaven.

Posted by John Donovan: July 27, 2023

In a stunning display of corporate restraint, British oil giant Shell reported a mere $5.1 billion in profits for the second quarter, triggering waves of gratitude and appreciation from climate activists across the globe. The figures came as a pleasant surprise, as analysts had anticipated an even higher windfall of $6 billion. Oh, Shell, you’ve truly outdone yourself!

Environmental campaigners, whose hearts are bursting with joy, condemned the profit figures as “obscene.” They simply can’t contain their delight as they watch Shell prioritize its shareholders’ happiness over the health of our planet. How thoughtful! And let’s not forget the beautiful billboard lovingly erected by Greenpeace activists outside Shell’s London headquarters, with the message “Our profit, your loss.” Such a touching sentiment! read more

Posted by JOHN DONOVAN: July 23, 2023

Oh dear, oh dear! What a dreadful turn of events for poor, poor Shell! Brace yourselves for the heart-wrenching news, folks. The ruthless, money-hungry oil giant, Shell, is facing a tragic fate – its profits are about to HALVE! Yes, you heard that right! This pitiful predicament comes as a result of a “slump” in oil and gas prices.

How unfortunate for the poor souls at Shell, who are used to swimming in their overflowing cash reserves. But fret not! Even amidst this so-called “crisis,” Shell still finds ways to soothe its aching shareholders and is expected to raise its dividend and offer share buybacks. Because who needs financial stability when you can temporarily placate your investors?

In 2022, Shell bathed in the glory of record-breaking profits, boasting a staggering £9 billion for the second quarter. But alas, 2023 has brought a cruel twist of fate, with analysts predicting a measly £4.7 billion profit for the same period this year. Poor Shell, how will it ever survive? read more

Greenpeace Demands Climate Accountability: Shell seems unfazed, pouring billions into the pockets of shareholders while the world burns.

POSTED BY JOHN DONOVAN JULY 22, 2023

Shell, the unapologetic polluting behemoth, is set to announce yet another round of astronomical profits, thanks to its reckless exploitation of oil and gas. With profits soaring to billions, Shell’s CEO, Wael Sawan, shamelessly dismisses environmental concerns and slashes green targets. Meanwhile, the world experiences catastrophic climate events, from scorching heatwaves to devastating floods. Greenpeace demands that Shell takes responsibility for the climate havoc it has caused and pays into the Loss and Damage fund, rather than pouring billions into shareholders’ pockets. read more

Metro.co.uk

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. read more

THE NEW YORK TIMES

Shell Reports $9.6 Billion Profit, Despite Falling Oil Price

By Stanley Reed: Reporting from London: May 4, 2023, 6:04 a.m. E

Shell, Europe’s largest energy company, said Thursday that its profit jumped 6 percent in the first quarter to $9.6 billion, a sign that the company remains hugely profitable, even with oil prices under pressure.

The company’s earnings, adjusted for items like divestitures, were below the record of $11.5 billion set in the second quarter of 2022, but they still exceeded analysts’ forecasts. read more

Shell force-fitted more than 4,000 prepayment energy meters last year while making £32bn in profit

By Dean Kirby: Investigations Correspondent inews.co.uk

May 4, 2023 2:27 pm (Updated 5:32 pm)

Shell force-fitted more than 4,000 prepayment meters in the UK last year as the international oil and gas giant made more than £32bn in profits.

The firm on Wednesday posted additional profits of almost £7.7bn in the first quarter of this year amid soaring oil and gas prices

.It was reported in February that Shell’s overall profits had soared to £32.2bn last year – the highest in the oil and gas giant’s 115-year history – as millions of Britons struggled to pay their energy bills. read more

Oil giant Shell beats expectations with $9.6 billion in first-quarter profit

PUBLISHED THU, MAY 4 20232:07 AM EDam Meredith@SMEREDITH19: CNBC

British oil giant Shell on Thursday posted stronger-than-anticipated first-quarter profit, extending a record run of bumper results after commodity prices surged in 2022 following Russia’s full-scale invasion of Ukraine.

Shell reported adjusted earnings of $9.6 billion for the first three months of the year, comfortably beating analyst expectations of $8.6 billion, according to Refinitiv.

The company posted adjusted earnings of $9.1 billion over the same period a year earlier and $9.8 billion for the final three months of 2022.

Shares of the oil major are little changed year-to-date.

Flush with cash, Shell held the rate of its share buyback program steady at $4 billion over the next three months and kept its dividend unchanged at $0.2875 per share. read more

The Washington Post

Advocacy group accuses Shell of ‘greenwashing’ and misleading investors in SEC complaint

Analysis by Maxine Joselow with research by Vanessa Montalbano

February 1, 2023 at 8:03 a.m. EST

An advocacy group is accusing the oil giant Royal Dutch Shell of misleading investors by classifying its investments in natural gas as spending on renewable energy.

In a complaint filed today with the Securities and Exchange Commission, the group Global Witness argues that Shell’s classifications amount to “greenwashing” — the practice of portraying a business or product as more environmentally friendly than it really is. read more

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

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: 22:10, Thu, Oct 27, 2022 | UPDATED: 22:16, Thu, Oct 27, 2022

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

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

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

Thu, October 27, 2022 at 10:01 PM

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

Evening Standard

Shell yet to pay any extra windfall tax, bosses confirm

By August Graham: 27 Oct 2022

Oil giant Shell has avoided paying any extra windfall tax despite making record profits so far this year as the business said it was investing heavily in the North Sea.

The company said that it does not expect to pay any extra tax this year due to the Government’s decision in May to put a windfall tax on North Sea oil and gas producers.

Finance boss Sinead Gorman told reporters on Thursday that the company had done enough over recent months to avoid the tax – which allowed companies to get tax relief in exchange for investment.

“Heavy capex (capital expenditure) has meant that we haven’t had extra tax coming through in this quarter yet,” she said.

“I do expect to see that extra tax … to happen quite early in the first quarter of 2023, but we’ll see what plays out with prices as well.” read more

The Telegraph

Shell in talks with Government as ministers consider new windfall tax

Oil and gas giant did not pay any tax in Britain, despite an existing windfall scheme

By Rachel Millard: 27 October 2022 • 5:48pm

Shell is in talks with the Government as ministers consider a fresh windfall tax on oil and gas companies to help fill a £35bn black hole in the public finances.

Ben van Buerden, chief executive of the oil and gas giant, said he accepted the case for higher taxes after the industry was boosted by surging fossil fuel prices following Vladimir Putin’s invasion of Ukraine. read more

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

BBC NEWS

Shell beats forecasts as profits more than double

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