Shell

Labour's Ed Miliband said Prime Minister Rishi Sunak was 'too weak to stand up for the British people' by hiking taxes on oil and gas firms.

Friends of the Earth’s Sana Yusuf said: “People can see the injustice of paying eye-watering energy costs while big oil and gas firms rake in billions. No 10 said that while it “absolutely” understood people’s anger over Shell’s record haul, the current windfall tax strikes a balance between helping with energy bills and encouraging investment. “They must tax the oil and gas companies properly and at the very least ensure that energy bills don’t rise yet again in April.” “Instead of holding down the pay of paramedics, teachers, firefighters and millions of other hard-pressed public servants, ministers should be making big oil and gas pay their fair share.” “Labour would stop the energy price cap going up in April, because it is only right that the companies making unexpected windfall profits from the proceeds of war pay their fair share. Labour said Mr Sunak was “too weak” to stand up to energy firms, and the Liberal Democrats said the companies must pay more tax at a time when people were struggling to heat their homes.

Europe's largest oil and gas company said on Thursday that adjusted earnings had more than doubled to $39.9bn, smashing the previous record of $28.4bn set in ...

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Government letting energy giants 'off the hook', say opposition and campaigners after profits hit £68bn.

“The time for excuses is over,” he said. We intend to remain disciplined while delivering compelling shareholder returns. But climate campaigners and union bosses said it was not enough to help fund an insulation drive and more support for struggling families. “Rishi Sunak was warned as chancellor and now as prime minister that we need a proper windfall tax on companies like Shell. Shell’s chief executive Wael Sawan said the results for the fourth quarter of 2022 and across the full year “demonstrate the strength of Shell’s differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world”. [Labour](/topic/labour), the Liberal Democrats and [climate change](/topic/climate-change) campaigners said the government was letting fossil fuel companies “off the hook” by failing to impose a strong enough tax on the “proceeds of war”.

In its quarterly results, the energy giant also announced its shareholders would get a 15% dividend increase and share buyback options. | ITV National News.

In response to energy giant Shell’s record profits on Thursday, the Liberal Democrats said Mr Sunak has failed to take action with a 'proper' windfall tax. It was one of the biggest news stories of our time - and it's still not over. Shell said it paid USD $134 million (£109m) through the UK windfall tax last year, representing a fraction of its mammoth profit. “We believe that Shell is well positioned to be the trusted partner through the energy transition." [Russian ](/news/topic/russia)invasion of [Ukraine](/news/topic/ukraine). It comes amid continued questions over the scale of windfall taxes on energy producers, which have benefited from higher prices.

Labour's Ed Miliband said Prime Minister Rishi Sunak was 'too weak to stand up for the British people' by hiking taxes on oil and gas firms.

Friends of the Earth’s Sana Yusuf said: “People can see the injustice of paying eye-watering energy costs while big oil and gas firms rake in billions. No 10 said that while it “absolutely” understood people’s anger over Shell’s record haul, the current windfall tax strikes a balance between helping with energy bills and encouraging investment. “They must tax the oil and gas companies properly and at the very least ensure that energy bills don’t rise yet again in April.” “Instead of holding down the pay of paramedics, teachers, firefighters and millions of other hard-pressed public servants, ministers should be making big oil and gas pay their fair share.” “Labour would stop the energy price cap going up in April, because it is only right that the companies making unexpected windfall profits from the proceeds of war pay their fair share. Labour said Mr Sunak was “too weak” to stand up to energy firms, and the Liberal Democrats said the companies must pay more tax at a time when people were struggling to heat their homes.

The vast scale of the profit at the multinational is set to trigger calls for an even bigger increase in windfall tax.

As well as being one of the world’s oil and gas “supermajors”, Shell also supplies energy to 1.4 million UK households and runs one of Britain’s biggest network of fuel forecourts. “They [the Government] were dragged kicking and screaming to do a windfall tax... Its base rate was already at a 14-year high. “But thirdly, and crucially, and this is head scratching to put it mildly, they have built in a massive loophole just for fossil fuel companies, not for other energy companies, so that if they make so-called investments, they get massive tax breaks for that.” Opposition politicians seized on the vast profits with Ed Miliband, Labour’s shadow climate and net zero secretary, labelling them the “windfalls of war”. The levy was increased by Chancellor Jeremy Hunt in the Autumn Statement from 25 per cent to 35 per cent, and extended until 2028 — three years longer than originally planned.

Unions call on government to 'expand windfall tax on energy producers' as public face 40% hike in bills from April.

The government must impose a larger windfall tax on energy companies. Green Party energy spokesman Mark Ruskell said the “sickening” profits of oil and gas companies underline the urgent need for a shift to renewables and support households in fuel poverty. Billions are being left on the table. Shadow climate change secretary Ed Miliband accused Mr Sunak of being “too weak” to stand up to oil and gas interests, adding: “The government is letting the fossil fuel companies making bumper profits off the hook with their refusal to implement a proper windfall tax.” RMT general secretary Mick Lynch said that the oil and gas industry is “out of control” and called for public ownership. THE government must “get real” on profiteering and increase windfall taxes on oil and gas companies, campaigners and unions urged today as Shell revealed its highest profits in its history.

Greenpeace UK activists target Shell headquarters, in parallel with an ongoing Greenpeace climate justice protest at sea, as Shell posted unprecedented annual ...

In the first six months of 2022, Shell invested [just 6.3% of its £17.1bn profits into low carbon energy](https://www.channel4.com/news/energy-companies-investing-just-5-of-profits-in-renewables) – but they invested nearly three times more in oil and gas. This is the stark reality of climate injustice, and we must end it. Shell’s unprecedented profits will likely attract negative attention for the company and its new boss Wael Sawan. The campaigners are calling on Shell to take responsibility for its historic role in the climate crisis and pay for the devastation it causes around the world. “People in the Philippines are suffering greatly despite the country’s tiny contribution to climate change, and that is an immense injustice. Victorine Che Thöner, a Greenpeace International climate justice campaigner who is also on board the Arctic Sunrise, said: “My family in Cameroon is living through long periods of droughts that have led to crop failure and increased living costs. “But this crisis is not limited to one part of the world. “There is one major actor fuelling the parallel climate, nature and cost of living crises: fossil fuel companies. Today’s protest is happening in parallel with another ongoing Greenpeace International protest at sea, in which four brave activists from climate-impacted countries are occupying a Shell oil and gas platform in the Atlantic Ocean as it makes its way to the North Sea Penguins field. While Shell counts their record-breaking billions, people across the globe count the damage from the record-breaking droughts, heatwaves and floods this oil giant is fuelling. The only escape was through the roof, which my husband started to break. The 10-foot board displays the £32.2bn Shell has made in profits in 2022, with a question mark next to the amount it will pay towards climate loss and damage.

No one does embarrassment of riches quite like the oil and gas industry. Amid a cost of living crisis, Shell has the opposite problem: the UK-listed energy ...

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A look at those leading the oil and gas firm as it enjoys the largest profits in its 115-year-history.

Shell paid him a total of €167,000 in 2021, up from €98,000 in 2020. She began her career with oilfield services firm Schlumberger in 1986 and held key positions in France, Italy, Nigeria, Britain, the US and Canda. Ms Goh, aged 67, was paid a total of €224,000 in 2021 by Shell, up from €201,000 the year prior. A Singaporean citizen, Ms Goh has a long background in finance. Within Shell, he also chairs the company’s nomination and succession committee. He holds a master’s degree in engineering from McGill University in Montreal and an MBA from Harvard Business School. The 66-year-old had previously spent six years until 2019 as chief executive of BHP Billiton, the world’s largest mining company. She was appointed a director of Shell in May 2021, and is a member of the firm’s safety, environment and sustainability committee. The figures are expected in March. He is a member of Shell’s safety, environment and sustainability committee, and was paid €152,000 in 2021, compared with €38,000 the previous year. Shell also touts Ms Goh’s risk management expertise as having “elevated the board’s deep deliberations around risk governance” and “credits Ms Goh with “broad geopolitcal insight” and as “a champion of diversity”, who “consistently but constructively challenges the board and management to continue to progress in this area”. Wael Sawan was appointed as the new head of Shell at the start of the year, replacing Ben van Beurden, who had held the top role for nine years and was paid a total of £6.34m in 2021, including a base salary of £1.5m.

The oil major has posted the biggest profits in its history, nearly $40bn for 2022, but will only pay $134m in taxes.

Shell moved its headquarters and tax residence from the Netherlands to the UK last year, so one might expect that to lead to more profits and revenues being booked in Britain. Labour shadow climate secretary Ed Miliband has argued that this “massive loophole” should be scrapped and the headline rate of tax increased from 75% to 78% of profits. We, the customer, are paying the price but we’re not seeing the benefit of the tax paid.” The EU uses a different method to tax windfalls: a levy of at least 33% on oil and gas company profits that are at least 20% above their historic average. This was later increased to a 35% charge – or 75% total tax rate – and extended to potentially as late as April 2028. It was originally an extra 25% charge bringing their total UK tax rate to 65%, and was due to last until the end of 2025 at the latest.

Enagas subsidiary Scale Gas and Norway's Knutsen jointly unveiled the Haugesand Knutsen in Barcelona on Thursday.

The vessel will be chartered by Shell to supply LNG as a bunker fuel in the Mediterranean, loading LNG from an Enagas facility. LNG bunker demand has risen rapidly in recent years as an alternative to conventional marine fuels. An LNG bunker delivery vessel to be operated by global energy producer Shell has been launched in Spain.