Oil and gas giant Shell has reported record annual profits after energy prices surged last year following Russia's invasion of Ukraine.

Profits hit $39.9bn (£32.2bn) in 2022, double last year's total and the highest in its 115-year history.

Energy firms have seen record earnings since oil and gas prices jumped following the invasion of Ukraine.

It has heaped pressure on firms to pay more tax as households struggle with rising bills.

Last year, the UK government introduced a windfall tax - called the Energy Profits Levy - on the profits of firms to help fund its scheme to lower gas and electricity bills.

Energy prices had begun to climb after the end of Covid lockdowns but rose sharply in March last year after the events in Ukraine led to worries over supplies.

They certainly aren’t going to up production when they can make those kinda profits without more investment!

13 hours ago, Black Ops said:

Last year, the UK government introduced a windfall tax - called the Energy Profits Levy - on the profits of firms to help fund its scheme to lower gas and electricity bills.

"The levy applies to profits made from extracting UK oil and gas, but not from other activities - such as refining oil and selling petrol and diesel on forecourts."

https://www.bbc.com/news/business-60295177

 

Relevance? Looks like PR to convince man on the street that his govt are being tough on big energy. Shell extracts almost all of its oil and gas outside the UK so is really not affected by this insane tax. The small companies exploring the North Sea however have been decimated by it. This will ultimately lead to less UK gas being extracted and a higher price - a few years down the road. Nice one Sunak

4 hours ago, SunnyinBangrak said:

This will ultimately lead to less UK gas being extracted

Good. 

Why not to point out who they are to thank to? 

That's capitalism folks.

Get rid of the NHS so insurance companies could be winners!