Thu Jul 28 2022 - 18:52
Shell is the first of the so-called supermajors to report its half-year results, with ExxonMobil, Chevron and BP also expected to reveal strong performances in the coming days. Shell chief executive Ben van Beurden, who opposed the UK government’s energy profits levy, which was introduced in May, rejected calls for another round of tax increases, arguing instead for more investment.
Shell on Monday approved the Jackdaw gasfield for development in the UK North Sea. But despite soaring profits, it did not adjust its global spending plans with capital expenditure for 2022 still forecast at $23 billion to $27 billion. Shell left its dividend at $0.25 a share but said that, with the $6bn buyback plan, total distributions to shareholders would be “significantly in excess” of 30 per cent of cash flow from operations.
Never would have guessed that all that price gouging they denied was happening would lead to profits. The vat intake must be through the roof for Martin to buy his kids a house.
Redtwit8anned Not surprising, no more than it is with the banks. They all have us where they want us👹
IrishTimes Past time for government to look at the profits
Take back our oil and gas back from Shell
IrishTimes Ok.
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