Sawan succeeded Shell’s previous chief executive Ben van Beurden in January after the company moved its headquarters to London from the Hague and abolished its dual listing in the Netherlands. More than six in 10 of those surveyed said the government should tax fossil fuel profits to help pay compensation to communities that faced the impacts of the climate crisis. The full-year profits were more than double what it reported in 2021 owing to rocketing oil and gas market prices last year, leading to calls for a windfall tax on the earnings.Ī survey commissioned by Christian Aid, an international development charity, found nearly four in five UK adults agreed it was wrong for oil and gas companies to make record profits without taking responsibility for their role in causing the climate crisis. The company reported a record annual profit of $40bn for 2022 after posting better than expected profits in the final quarter of last year. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. For more information see our Privacy Policy.
Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. Shell’s new chief executive, Wael Sawan, said the company had delivered “strong results and robust operational performance, against a backdrop of ongoing volatility”. “The UK government should stop issuing new oil and gas licences and force Shell and the rest of the industry to start using their obscene profits to pay for the damage that their fossil fuel habit is causing to lives and livelihoods around the world.” Millions around the world are already feeling the effects of the climate crisis and it’s those who did the least to cause it who are paying the heaviest price. “Not taking any action against ‘Big Oil’ means the profiteering plundering will continue without end.”Ĭharlie Kronick, of Greenpeace UK, said: “As temperatures soar from Madrid to Mogadishu, Shell is once again posting bumper profits while promising to keep extracting fossil fuels for years to come. And this is practically untouched by Rishi Sunak’s so-called windfall tax. Sharon Graham, the general secretary of the Unite union, said both firms were “continuing the profiteering bonanza”, adding: “The scale of profiteering displayed today by Shell and earlier this week BP is one of the corporate scandals of our times. Shell’s bumper profits emerged two days after its smaller rival BP reported a profit of $4.96bn for the first quarter, down from $6.2bn in the same period last year, but well above the $4.3bn expected by analysts. Shell expects to pay more than $500m to the Treasury this year after the levy was increased from January. Its UK tax bill hit $134m last year after the government’s windfall energy profits levy was introduced in May.
Shell has also had to pay higher taxes, reaching over $3bn globally for the last quarter.
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