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Shell marks the highest profits in 115 years

Shell marks the highest profits in 115 years

Shell marks the highest profits in 115 years

Shell marks the highest profits in 115 years

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  • Profits will reach $39.9 billion (£32.2 billion) in 2022.
  • Rise in energy prices contributed to an increase in household and business bills.
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  • Since the invasion of Ukraine, oil and gas prices have skyrocketed.

 

Shell reported record annual profits after energy prices skyrocketed last year following Russia’s invasion of Ukraine.

Profits will reach $39.9 billion (£32.2 billion) in 2022, more than doubling last year’s total and the highest in the company’s 115-year history.

Since the invasion of Ukraine, oil and gas prices have skyrocketed, resulting in record earnings for energy companies.

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As households struggle with rising bills, it has increased pressure on businesses to pay more taxes.

Opposition parties said Shell’s profits were “outrageous” and the government was letting energy firms “off the hook”. They also demanded that the planned increase in the energy price cap in April be cancelled.

Energy prices began to rise after the end of Covid lockdowns, but they spiked sharply in March last year as a result of the events in Ukraine, which raised concerns about supply.

Following the invasion, the price of Brent crude oil reached nearly $128 per barrel, but has since dropped to around $83. Gas prices have also risen, but are now lower than they were.

It has resulted in record profits for energy companies, but it has also contributed to an increase in household and business energy bills.

Last year, the UK government imposed an Energy Profits Levy on firms’ “extraordinary” earnings to help fund its scheme to reduce gas and electricity bills.

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Despite the move, Shell has stated that it does not expect to pay any UK tax this year because it can deduct decommissioning costs and investments in UK projects from any UK profits.

However, it said on Thursday that it was due to pay $134 million in UK windfall tax in 2022 and expected to pay more than $500 million in 2023.

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