Current:Home > ContactShell reports record profits as energy prices soar after Russia's invasion of Ukraine -Wealth Legacy Solutions
Shell reports record profits as energy prices soar after Russia's invasion of Ukraine
View
Date:2025-04-13 12:48:43
LONDON — Energy giant Shell has reported its highest annual profits in the company's 115-year history, after energy prices soared due to the Russian invasion of Ukraine.
London-based Shell's profits for 2022 were almost $40 billion, twice those reported for 2021, at a time of continued political debate about more targeted taxation on energy companies.
As U.K. households struggle thanks to elevated energy prices and correspondingly high inflation, Shell's announcement will fuel fresh demands that Prime Minister Rishi Sunak's government ratchet up a kind of "windfall" tax on such profits. The E.U. approved such a windfall tax in September.
Opposition parties in Britain have long insisted on further taxation of the energy sector, calling Shell's latest profits "outrageous." Shell says it doesn't expect to pay any U.K. tax this year, as it will offset investments and certain costs against its U.K. profits.
Critics are also demanding the government continue to hold down household energy costs past April, a program underwritten by taxes on energy firm profits.
Energy companies have been reporting blockbuster profits since last year, after Russia's invasion of Ukraine sent oil prices sharply higher, as NPR's Camila Domonoske reported earlier this week.
This originally appeared in NPR's Newscast.
veryGood! (5)
Related
- SFO's new sensory room helps neurodivergent travelers fight flying jitters
- Vanderpump Rules Reunion: Inside Tom Sandoval, Raquel Leviss' Secret Vacation With Tom Schwartz
- You'll Need a Pumptini After Tom Sandoval and James Kennedy's Vanderpump Rules Reunion Fight
- The Texas Legislature approves a ban on gender-affirming care for minors
- Trump wants to turn the clock on daylight saving time
- Search for missing Titanic sub includes armada of specialized planes, underwater robots and sonar listening equipment
- He visited the U.S. for his daughter's wedding — and left with a $42,000 medical bill
- Tiger King star Doc Antle convicted of wildlife trafficking in Virginia
- 2025 'Doomsday Clock': This is how close we are to self
- An abortion doula pivots after North Carolina's new restrictions
Ranking
- North Carolina justices rule for restaurants in COVID
- U.S. Military Precariously Unprepared for Climate Threats, War College & Retired Brass Warn
- Beyond the 'abortion pill': Real-life experiences of individuals taking mifepristone
- Cincinnati Bengals punter Drue Chrisman picks up side gig as DoorDash delivery driver
- Meta releases AI model to enhance Metaverse experience
- A new nasal spray to reverse fentanyl and other opioid overdoses gets FDA approval
- ‘Super-Pollutant’ Emitted by 11 Chinese Chemical Plants Could Equal a Climate Catastrophe
- Kim Kardashian Reveals the Surprising Feature in a Man That's One of Her Biggest Turn Ons
Recommendation
Romantasy reigns on spicy BookTok: Recommendations from the internet’s favorite genre
Ryan Gosling Reveals the Daily Gifts He Received From Margot Robbie While Filming Barbie
FDA advisers narrowly back first gene therapy for muscular dystrophy
‘Super-Pollutant’ Emitted by 11 Chinese Chemical Plants Could Equal a Climate Catastrophe
Whoopi Goldberg is delightfully vile as Miss Hannigan in ‘Annie’ stage return
Hunter Biden to appear in court in Delaware in July
Vanderpump Rules' Tom Sandoval Claims His and Ariana Madix's Relationship Was a Front
Khloe Kardashian and Tristan Thompson’s Baby Boy’s Name Finally Revealed 9 Months After Birth