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Thursday, May 26, 2022

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Oil giant Shell profits nearly triple to £7.3 bln as fuel prices surge

Global oil firm Shell’s $9.1 billion underlying earnings for the first three months of this year were better than expected and nearly three times higher than the $3.2 billion reported in 2021.

The chief executive of Shell, Ben van Beurden said: “The war in Ukraine is first and foremost a human tragedy, but it has also caused significant disruption to global energy markets and has shown that secure, reliable and affordable energy simply cannot be taken for granted.

“The impacts of this uncertainty and the higher cost that comes with it are being felt far and wide. We have been engaging with governments, our customers and suppliers to work through the challenging implications and provide support and solutions where we can.”

The new figures showed Shell took a hit from its move to pull out of Russia over the Ukraine war, booking a $3.9 billion dollar (£3.1 billion) charge.

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Shell announced their Q1 results the day in the same week oil and gas company BP recorded its highest underlying profits for more than a decade.

Environmental campaigners Salso called for a windfall tax after the soaring earnings were revealed.

“While giant fossil fuel firms like Shell post massive profits, millions of people are struggling with skyrocketing energy bills and living in heat leaking homes,” Conor Schwartz from Friends of the Earth said.

“A tax on these excess profits could help pay for a nationwide free insulation programme, rolled out street-by-street, focussing on those most in need first.”

~The Independent

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