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Oil giant Shell’s profit nearly triples to £7.3 billion as fuel prices rise

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sleeveProfits have nearly tripled to $9.1bn (£7.3bn) earlier this year as energy prices soar war in Ukraine.

The oil giant announced record first-quarter earnings on Thursday and said it had delivered “strong results in volatile times.”

The energy sector benefits from this skyrocketing oil and gas pricespropelled to record levels by the Russian invasion of Ukraine and rising demand as economies recover from the Covid pandemic.

Shell’s new results come as Mount is demanding a windfall tax in the UK on fossil fuel giants to facilitate that Cost of Living Crisis.

Underlying earnings of $9.1 billion 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.

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

“The impact of this uncertainty and the associated higher costs are being felt far and wide. We have worked with governments, our customers and suppliers to manage the challenging impact and offer support and solutions where we can.”

The new figures showed Shell suffered a setback from its withdrawal from Russia over the Ukraine war, posting a $3.9 billion (£3.1 billion) charge.

Shell announced its Q1 results on the same day in the same week as oil and gas company BP posted the highest underlying gains in more than a decade.

Environmental activists called for a windfall tax after the rising revenue was revealed.

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

“A tax on these excess profits could help fund a nationwide free insulation program rolled out street by street, targeting those most in need first.”

Meanwhile, Greenpeace UK’s Philip Evans said: “By using a large chunk of the bloated profits Shell, BP and others are reaping to make homes warmer, more energy efficient and with heat pumps, the government could start to really tackle the climate and cost of living crises simultaneously.”

Rishi Sunak, the UK Chancellor, has so far resisted pressure to get companies to pay more taxes, instead waiting for companies making big profits to invest the money back in Britain.

https://www.independent.co.uk/news/business/oil-shell-profits-fuel-prices-b2072004.html Oil giant Shell’s profit nearly triples to £7.3 billion as fuel prices rise

Bobby Allyn

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