[News] Shell report record profits

[TomandJerry]

Energy giant Shell has reported its highest ever quarterly profits as oil and gas prices surge around the world.

Shell made $9.13bn (£7.3bn) in the first three months of the year, nearly triple its $3.2bn profit it announced for the same period last year.

On Tuesday, rival BP also reported a sharp rise in profit, but the UK has so far ruled out a windfall tax.

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[Papa Lazarou]

And people still oppose a windfall tax.

 

[Hugo Rune]

If you voted Tory, you should be very pleased about this. It’s exactly what they stand for.

 

[Eeyore]

If you voted Tory, you should be very pleased about this. It’s exactly what they stand for.

Yes, I thought we had a Capitalist system and Socialist ideals were a curse.

So, well done Shell.

 

[Harry Wilson's tackle]

And people still oppose a windfall tax.

Yes. Many people are happy to take their lead from Johnson, who opposes windfall taxes.

After all, if it hadn't been for Johnson's brilliant policies, British companies like Shell wouldn't be doing so well!

Under Corbyn, we would all be in a three day week!

 

[beorhthelm]

if we had competent government, they'd highlight the billions of extra tax revenue already coming in.

 

[Is it PotG?]

Aside from the financial gurus and experts scattered around here, an interesting piece from the FT.

https://www.ft.com/content/9cdad006-b5bc-4a1d-bc6c-9c523d4aa5db

Maybe the author should listen to the sages on here.

 

[WATFORD zero]

if we had competent government, they'd highlight the billions of extra tax revenue already coming in.

Exactly. They're actually doing a brilliant job but just not publicising it

 

[Bold Seagull]

Well done Shell and BP and their investment shareholders. Great news. Yay. Looking forward to my bill reducing given they're making so much. It's a win win all round.

 

[Bry Nylon]

Shell made £7.3bn in the first three months of the year

Coincidentally, about the same as my re-calculated electricity direct debit from Eon.

 

[schmunk]

It's worth noting that Shell is a publicly listed company which recently became UK tax resident, so these profits will be subject to UK corporation tax (less credits for prior-year losses and foreign taxes on the same income).

Any share of the profits distributed to UK resident directors / employees will be subject to PAYE and NI.

Any distribution of dividends will in the majority go towards pension funds, including perhaps yours and mine.

The money doesn't just disappear wholesale into the sweaty hands of some conniving despot...

 

[A1X]

Rishi Sunak: "Oh if only there was something I, as Chancellor of the Exchequer, could do about it, but I guess I have no control over money..."

 

[zefarelly]

It's worth noting that Shell is a publicly listed company which recently became UK tax resident, so these profits will be subject to UK corporation tax (less credits for prior-year losses and foreign taxes on the same income).

Any share of the profits distributed to UK resident directors / employees will be subject to PAYE and NI.

Any distribution of dividends will in the majority go towards pension funds, including perhaps yours and mine.

The money doesn't just disappear wholesale into the sweaty hands of some conniving despot...

That will be about £7.50 due to the exchequer then

well worth paying a creative accountant £2m a year.

 

[Hugo Rune]

if we had competent government, they'd highlight the billions of extra tax revenue already coming in.

Great point. I’m paying double for my energy bills now, thank god a small percentage of that is going to the government in taxes. What a fantastic administration we have. Indirect tax really is the way forward. I’m so proud of Shell.

 

[Silverhatch]

Taxation and its standing in capitalist society is a major problem for all of us. Tax is a filthy word. It's something to be avoided, and in some cases evaded. A big part of the problem is the age old narrative that hard earned taxable income is spaffed away by incompetent (lefty) councils and governments.

The 2020s have offered the human race, so far, global pandemic, rapid climate change and despotic populist leaders openly causing division and war.

It's time for Taxation (or let's call it "Contribution") to throw off its Robin Hood associations and be promoted as a good thing. If you can contribute more that should be a badge of honour. Of course, the problem is, as always, when public servants are motivated by everything other than public service.

 

[Nobby Cybergoat]

It's worth noting that Shell is a publicly listed company which recently became UK tax resident, so these profits will be subject to UK corporation tax (less credits for prior-year losses and foreign taxes on the same income).

Any share of the profits distributed to UK resident directors / employees will be subject to PAYE and NI.

Any distribution of dividends will in the majority go towards pension funds, including perhaps yours and mine.

The money doesn't just disappear wholesale into the sweaty hands of some conniving despot...

We actually pay them money

https://news.sky.com/story/climate-...ince-paris-agreement-campaigners-say-12477295

 

[beorhthelm]

Exactly. They're actually doing a brilliant job but just not publicising it

who said gov are doing a brilliant job? oil prices are up so revenue from licences are up without their help. this analysis reckons £1.5bn so far this year.

 

[Ding Dong !]

Well done Shell and BP and their investment shareholders. Great news. Yay. Looking forward to my bill reducing given they're making so much. It's a win win all round.

I'm looking forward to a significant increase in the share price and enhanced dividends............let's see if that happens

 

[Napper]

If you voted Tory, you should be very pleased about this. It’s exactly what they stand for.

exactly right

reap what you sow

 

[halbpro]

I'm looking forward to a significant increase in the share price and enhanced dividends............let's see if that happens

BP and Shell up, but not to pre-pandemic levels (how simply awful for them, however will they cope). BP froze the dividend I believe though, haven't seen Shell's dividend details.

BP insisted that they need the profits so they can invest in sustainable energy and listed several projects, all of which were announced well before their earnings announcement.