Beautiful Virgin Islands

Monday, Mar 04, 2024

Energy company Shell reports profits of $9.5bn for Q3 of 2022 but not at record levels seen in first half of year

Energy company Shell reports profits of $9.5bn for Q3 of 2022 but not at record levels seen in first half of year

The London-listed oil and gas company had reported record profits in the first half of the year amid soaring oil and gas prices.

Shell has reported operating profits of $9.5bn (£8.19bn) for the third quarter of this year, lower than that of the three months before but still more than double the same period in 2021.

The London-listed energy giant reported two consecutive quarters of record profit in the first half of the year at a time of soaring oil and gas prices. Shares in the company jumped by 4.5% on Thursday morning, and BP shares were up by nearly 3%.

The earnings are lower than expected. Shell had been forecast to report net earnings of $10.5bn in the third quarter, compared with net earnings of $11.5bn in the second quarter.

The profits were lower compared with the second quarter because of lower liquefied natural gas (LNG) trading, lower chemicals and refining margins and higher underlying operating expenses.

The total amount paid to shareholders during the three months was $6.8bn. The company paid a dividend of $0.25 for each share held.

But Shell wants that amount to increase. Subject to board approval, it intends to increase the amount per share by 15% for the fourth quarter, which would be paid in March next year.

On Thursday the company also said it is to buy back shares worth $4bn from shareholders by the time fourth quarter results are announced, it follows a $6bn round of share buybacks announced in the second quarter results statement.

The profits are likely to increase calls for more one-off windfall taxes, something that Shell CEO Ben van Beurden said the company is ready for and has been working with the Treasury on.

"We are in continuous dialogue with the Treasury in a constructive way", he said

It's a "societal reality" that governments will intervene while "a lot of people ... particularly the most vulnerable" are struggling with the cost of living.

Addressing the media after the results announcement he said the company should have a seat at the table to "help government design the right rules".

The company is ready for windfall taxes and expects them to be in place next year, he added.

When she was prime minister Liz Truss ruled out any additional windfall tax beyond the one introduced in May. The May energy profits levy taxed profits at 25% and was introduced by current Prime Minister Rishi Sunak when he was chancellor.

Current Chancellor Jeremy Hunt has said "nothing is off the table" when asked if he would implement a windfall tax.

Mr van Beurden had previously called on the government to tax oil and gas companies in order to protect the poorest people in society from soaring energy costs.

Speaking at the Energy Intelligence Forum in London, Ben van Beurden said: "One way or another there needs to be government intervention that somehow results in protecting the poorest.

"That probably may then mean that governments need to tax people in this room to pay for it."

The government recently announced it is to go ahead with a windfall tax on the renewable sector which has been enjoying bumper profits off the back of high gas prices.

Commenting on the profits, Ed Miliband MP, Labour's Shadow Climate Change and Net Zero Secretary used the opportunity to call for a windfall tax.

"As millions of families struggle with their energy bills, the fact that Shell recorded the second highest quarterly profits in the company's history is further proof that we need a proper windfall tax to make the energy companies pay their fair share," he said.

"Rishi Sunak's existing plans are a pale imitation of Labour's windfall tax, and would see billions of pounds of taxpayer money go back into the pockets of oil and gas giants through ludicrous tax breaks."

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Unelected PM of the UK holds an emergency meeting because a candidate got voted in… which he says is a threat to democracy…
I have a dream, MLK inspiring speech
Rob Schneider explains California reparations legislation.
Aretha Franklin, Marvis Staples - Oh Happy Day
Who knew badminton could get so intense?
BVI Freedom Song
Farmers break through police barriers in Brussels.
Billy Preston - You Can't Beat God Giving (Live)
London's Iconic British Telecom Tower Sold To Become Hotel
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
Ukraine Arrests Father-Son Duo In Lockbit Cybercrime Bust
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
US Offers $15 Million For Info On Leaders Of Cybercrime Group Lockbit
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Russia Claims UK Cultural Agency Spied for Ukraine
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Apple warns against drying iPhones with rice
Hello Dolly
Alexei Navalny: UK sanctions Russian prison chiefs after activist's death
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
German economy is in 'troubled waters' - ministry
Bob Marley - Get Up Stand Up
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Yes He Can
New video
What A Friend We Have In Jesus
Tucker Carlson says Boris Johnson wants "a million dollars, in Bitcoin or cash, from Tucker Carlson to talk about Ukraine.
Unforgettable
Russia is rebuilding capacity to destabilize European countries, new UK report warns
Touch The Hem Of His Garment
EU Commission wants anti-drone defenses at Brussels HQ
The Lord's Prayer
Von der Leyen’s 2nd-term pitch: More military might, less climate talk
THE GOD MOVEMENT...BEAUTIFUL BVI
Global Law Enforcement Dismantles Lockbit Ransomware Operation
Siyahamba
Prince William Urges End to Gaza Conflict
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
UK court to hear Assange's final appeal against extradition to the US, where he faces charges related to his journalistic work—the publication of a classified video in 2010 that exposed US war crimes against humanity.
Ramblin' Rose
About 50-60% kids either chose to be YouTuber or influencer
Protoje - Who Knows ft. Chronixx
A viral video of Nationals MP Barnaby Joyce lying on a Canberra footpath is celebrated by his media mates.
Pressure - Virgin Islands Nice
European Countries React to Navalny's Death by Summoning Russian Diplomats
Phil Wickham - House Of The Lord
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
My God Is Real (Yes, God Is Real)
English farmers to be offered ‘largest ever’ grant scheme amid food security concerns
The Lion King Circle of Life by LEBO M. — LIVE at the HAVASI Symphonic
Cameron government knew Post Office ditched Horizon IT investigation
Louis Armstrong - When The Saints Go Marching In
EU Calls for Immediate Ceasefire in Gaza Conflict
Kanye West Sunday Service - hallelujah, salvation, and glory
EU Vows To Hold Putin "Accountable" After Meeting Alexei Navalny's Wife
Jonathan Nelson - I Believe (Island Medley
EU Launches Probe Into TikTok Over Child Protection Under Digital Content Law
From The Virgin Islands Sqad Up
The EU Initiates Naval Mission to Defend Red Sea Trade Routes
Common, John Legend - Glory
EU and UK Announce Joint Effort on Migration
Anthony Evans vs. Jesse Campbell - If I Ain't Got You
Brazil's Lula Likens Gaza Operation to Holocaust, Israel Says "Red Line" Crossed
I have a dream, MLK inspiring speech
Ministers Confirm Proposal to Prohibit Mobile Phone Usage in English Schools
Aretha Franklin, Marvis Staples - Oh Happy Day
Microsoft-backed OpenAI valued at $80bn after company completes deal
BVI Freedom Song
‘Alexei would want to tell Russia not to give up fighting’
Billy Preston - You Can't Beat God Giving (Live)
Rwandan Footballer's Dismissal Sparks Concerns Over UK Asylum Plan
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
Whisky Challenges China's Baijiu Market During New Year Celebrations
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
Avdiivka - Symbol Of Ukrainian Resistance Now In Control Of Russian Troops
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Putin Critic Alexei Navalny's "Killers" Refusing To Hand Over Body, Say Allies
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
"Historic Step": Zelensky Signs Security Pact With Germany
Hello Dolly
"Historic Step": Zelensky Signs Security Pact With Germany
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
20 Tech Giants Sign Effort To Fight AI Election Interference Across Globe
Bob Marley - Get Up Stand Up
Joe Biden Accuses Putin of Causing Navalny's Death
Yes He Can
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
What A Friend We Have In Jesus
Tucker Carlson grocery shopping in Russia. This is so interesting.
Unforgettable
Julian Assange's Wife Warns of His Death if Extradited to US
Touch The Hem Of His Garment
‘A lot higher than we expected’: Russian arms production worries Europe’s war planners
The Lord's Prayer
Greece Legalizes Same-Sex Marriage and Adoption Rights
THE GOD MOVEMENT...BEAUTIFUL BVI
Hungarian Foreign Minister: Europeans will lose Europe, the Union's policy must change drastically
Siyahamba
In Britain Homeowners are receiving CPO’s (Compulsory Purchase Orders) so their homes can be redistributed to migrants
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
×