Financial TimesFinancial Times

Shell ready to ‘embrace’ higher taxes as third-quarter profits double

By Tom Wilson

27 Oct 2022 · 3 min read

Editor's Note

It is Shell's second highest quarterly profit on record. They have paid nothing towards the UK energy price levy.

Shell chief executive Ben van Beurden signalled the oil and gas group was ready to pay higher taxes as its announcement of $9.5bn in third-quarter profits prompted renewed calls for additional levies on energy companies.

The second-highest quarterly profits in the company’s history followed the record $11.5bn reported in the three months to the end of June, leaving Europe’s largest oil and gas group on course to smash its annual profit record of $31bn set in 2008. Shell has already reported earnings of more than £30bn in the first nine months of the year.

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