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Shell's profits hit $39.9bn the highest in 115-years
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By *rFunBoy OP Man
over a year ago
Longridge |
So, while people freeze, starve and struggle to live. Apart from these companies extracting these resources from the ground - who actually owns the resources they are reaping profits from?
Share buy-back? I think time for a global citizen snatch-back.
BP next...
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.
BBC News - Shell reports highest profits in 115 years
https://www.bbc.co.uk/news/uk-64489147 |
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Yeah that'll work revolution.
Then some other greedy fucker will get their hands on the resources and probably charge us double.
Never going to happen.
Even if free energy from cold fusion become a reality they'd probably still change a ridiculous amount.
Nope we are too far gone,too many decision maker's are getting huge kickbacks to shake things up.
To quote UB40.
"The earth dies screaming" |
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By *amantMan
over a year ago
Alnmouth |
It's hard to imagine a better recruiting poster for political extremes, especially on the left. Companies like that can rip us all off, their relatively few shareholders can rejoice and all is alright because 'profit good'. It honestly makes me question my pragmatic political views. |
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"That's still a just under 2 billion dollars profit tho not pocket money is it.
1billion 950 million and some loose change "
You must be using some sort of far leftie calculator to come up with that figure.!
32.5 x 5% = 1.625 The actual figure.
Shell is also paying 70% tax on the 5% business in the UK. |
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By *ackal1Couple
over a year ago
Manchester |
Let’s not forget the hundreds of millions in subsidies being given by taxpayers each year to decommission. Why that can’t be paid for out of profits I’m not sure but perhaps the primarily American shareholders needed new yachts. Strange how the US insisted BP clean up the gulf when in fact it was an American rig which failed and yet they’re not keen on cleaning up the North Sea.
I feel we are being mugged again just as in the last few decades. Feel free to see how Norway always taxed higher and kept the ongoing investment just as healthy. Norway also now has the second largest sovereign wealth fund behind Saudi Arabia.
What a wasted windfall of opportunity. Private investors always at the head of the queue. |
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"Let’s not forget the hundreds of millions in subsidies being given by taxpayers each year to decommission."
The 'subsidies' of which you speak are actually tax breaks. They are charged less tax on activities related to permanent decommissioning of a facility.
Isn't that a good thing? Don't we want to give fossil fuel companies a reason to shut down some of their operations?
"Why that can’t be paid for out of profits I’m not sure ..."
The decommissioning is paid for out of their profits. The tax man doesn't give them a penny for it. |
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By *ercuryMan
over a year ago
Grantham |
"Let’s not forget the hundreds of millions in subsidies being given by taxpayers each year to decommission. Why that can’t be paid for out of profits I’m not sure but perhaps the primarily American shareholders needed new yachts. Strange how the US insisted BP clean up the gulf when in fact it was an American rig which failed and yet they’re not keen on cleaning up the North Sea.
I feel we are being mugged again just as in the last few decades. Feel free to see how Norway always taxed higher and kept the ongoing investment just as healthy. Norway also now has the second largest sovereign wealth fund behind Saudi Arabia.
What a wasted windfall of opportunity. Private investors always at the head of the queue. "
Norwegian Trust Funds are some of the biggest holders of Shell shares. |
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"That's still a just under 2 billion dollars profit tho not pocket money is it.
1billion 950 million and some loose change
You must be using some sort of far leftie calculator to come up with that figure.!
32.5 x 5% = 1.625 The actual figure.
Shell is also paying 70% tax on the 5% business in the UK."
What the fuck are you talking about far leftie calculator 
39 billion dollars. |
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By *ackal1Couple
over a year ago
Manchester |
"Let’s not forget the hundreds of millions in subsidies being given by taxpayers each year to decommission.
The 'subsidies' of which you speak are actually tax breaks. They are charged less tax on activities related to permanent decommissioning of a facility.
Isn't that a good thing? Don't we want to give fossil fuel companies a reason to shut down some of their operations?
Why that can’t be paid for out of profits I’m not sure ...
The decommissioning is paid for out of their profits. The tax man doesn't give them a penny for it."
No I don’t agree with any further tax breaks as the retained profits over the years handed out in dividends has been way above those of the Norwegian sector. Hence my comments earlier. They have had their cake and ate it for years. Enough is enough.
The National Audit Office (NAO) published a report which highlights the “highly uncertain” cost to the taxpayer of decommissioning the 320 rigs and other installations extracting oil and gas from the UK’s North Sea oilfields.
Taxpayers are liable for the costs of decommissioning in the North Sea through significant tax reliefs granted to oil companies by HMRC, which allows operators to deduct up to 75 per cent of their spending on decommissioning from their tax. This can include reclaiming corporation tax paid since 2002. The government is also liable for the total cost of decommissioning oil rigs owned by operators that go bankrupt, or lack the funds to decommission them themselves.
The Oil and Gas Authority (OGA) told the NAO that the total cost of decommissioning the North Sea’s oil and gas infrastructure could be up to £77bn. HMRC’s current estimate of the cost to the public through tax relief is £24bn, including £12.9bn in repayments of taxes previously collected. However, the NAO found that figure was “subject to significant uncertainty”, because some operators’ decommissioning costs could increase by as much as 100 per cent and other factors, such as oil prices, decommissioning costs and exchange rates, could vary significantly. The NAO notes that the Department for Business, Energy and Industrial Strategy (BEIS) views the risk that the government may itself have to take on the costs of decommissioning as “an unquantifiable remote contingent liability”, and that the potential cost of bailing out operators that fail “cannot be forecast reliably.” However, the report says that the Treasury has already committed £344m of support to one operator “because it was meeting a partner operator’s share of decommissioning costs”.
Note the tax claim back from 2002 . Where will that come from exactly? Dividend payments?. Lol |
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By (user no longer on site)
over a year ago
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"That's still a just under 2 billion dollars profit tho not pocket money is it.
1billion 950 million and some loose change
You must be using some sort of far leftie calculator to come up with that figure.!
32.5 x 5% = 1.625 The actual figure.
Shell is also paying 70% tax on the 5% business in the UK."
I have heard it all now, ‘leftie calculator’ ?  |
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"Is Shell Paying the tax on these profits or have the company structured that they only have to pay a nominal amount? "
From the BBC, published yesterday.
"Shell had said it did not expect to pay any UK tax this year as it is allowed to offset decommissioning costs and investments in UK projects against any UK profits.
However, on Thursday it said was due to pay $134m in UK windfall tax for 2022"
Which, if correct, is less than 0.3% of their revenue.
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"From the BBC, published yesterday.
"Shell had said it did not expect to pay any UK tax this year as it is allowed to offset decommissioning costs and investments in UK projects against any UK profits.
However, on Thursday it said was due to pay $134m in UK windfall tax for 2022"
Which, if correct, is less than 0.3% of their revenue."
That would be 0.3% of its global revenue ($39.9bn). Since this is a UK tax, it only applies to their UK earnings (about $2), so it's roughly 6.75% of their profits. |
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"From the BBC, published yesterday.
"Shell had said it did not expect to pay any UK tax this year as it is allowed to offset decommissioning costs and investments in UK projects against any UK profits.
However, on Thursday it said was due to pay $134m in UK windfall tax for 2022"
Which, if correct, is less than 0.3% of their revenue.
That would be 0.3% of its global revenue ($39.9bn). Since this is a UK tax, it only applies to their UK earnings (about $2), so it's roughly 6.75% of their profits."
A far cry from the 70% as claimed above. |
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By *ercuryMan
over a year ago
Grantham |
"The headline rate of tax for oil and gas companies, operating in the UK, is 65%.
These headline rates would appear to be inaccurate."
Yes, you are right.
I forgot that Jeremy Hunt increased one part of the tax at the end of last year.
The headline rate is now 75% for this sector. |
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"The headline rate of tax for oil and gas companies, operating in the UK, is 65%.
These headline rates would appear to be inaccurate.
Yes, you are right.
I forgot that Jeremy Hunt increased one part of the tax at the end of last year.
The headline rate is now 75% for this sector."
Any idea why the actual percentage is closer to 7% than 75%? |
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"The headline rate of tax for oil and gas companies, operating in the UK, is 65%.
These headline rates would appear to be inaccurate.
Yes, you are right.
I forgot that Jeremy Hunt increased one part of the tax at the end of last year.
The headline rate is now 75% for this sector.
Any idea why the actual percentage is closer to 7% than 75%?"
I'm not exactly clued up on taxes for these companies but I read it as that's the windfall tax amount. Not the overall tax |
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"The headline rate of tax for oil and gas companies, operating in the UK, is 65%.
These headline rates would appear to be inaccurate.
Yes, you are right.
I forgot that Jeremy Hunt increased one part of the tax at the end of last year.
The headline rate is now 75% for this sector.
Any idea why the actual percentage is closer to 7% than 75%?
I'm not exactly clued up on taxes for these companies but I read it as that's the windfall tax amount. Not the overall tax"
According to the report. The windfall was the only tax paid by them in 2022. |
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"The headline rate of tax for oil and gas companies, operating in the UK, is 65%.
These headline rates would appear to be inaccurate.
Yes, you are right.
I forgot that Jeremy Hunt increased one part of the tax at the end of last year.
The headline rate is now 75% for this sector.
Any idea why the actual percentage is closer to 7% than 75%?"
Would guess at trade out side of UK and Buiness in other areas |
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By *ercuryMan
over a year ago
Grantham |
Shell paid £100 million in tax last year to the UK Goverment. That's the first tax they've paid here since 2017.
They expect to pay £405 million in tax this year.
Worldwide, Shell's tax burden works out at 34%. |
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By *AFKA HovisMan
over a year ago
Sindon Swingdon Swindon |
The windfall tax for last year was 25pc. 75 pc includes corporation tax and another 10pc tax
The numbers quoted is the windfall bit only.
It applies only to profit from extract UK has and oil.
So only a part of UK profits has the windfall tax.
So feels like c 1/4 of UK profits fall under the regime. |
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"Only 5% of their profits came from the UK. The rest was made elsewhere.
Stop complaining, I've got shares in shell.
I see this as a win for me.
Bye."
I do enjoy your confused posts.
Top notch trolling. |
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By (user no longer on site)
over a year ago
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"Only 5% of their profits came from the UK. The rest was made elsewhere.
Stop complaining, I've got shares in shell.
I see this as a win for me.
Bye.
I do enjoy your confused posts.
Top notch trolling. "
Hahahaha I love envy. Means I'm over the target.
My shares are up up up.  |
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By *AFKA HovisMan
over a year ago
Sindon Swingdon Swindon |
"Only 5% of their profits came from the UK. The rest was made elsewhere.
Stop complaining, I've got shares in shell.
I see this as a win for me.
Bye."
other than getting smashed during covid, and one other drop, shells wahtw price has been there or there abouts today's price for the last ten years to fifteen years. I suspect ppl hold it because it's a large part of the market or pensions like the distribution ... It doesn't look like a good stock and the market doesn't seem to be pricing in the windfall too much.
I'd rather have cheaper energy ta. |
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"Only 5% of their profits came from the UK. The rest was made elsewhere.
Stop complaining, I've got shares in shell.
I see this as a win for me.
Bye.
I do enjoy your confused posts.
Top notch trolling.
Hahahaha I love envy. Means I'm over the target.
My shares are up up up. "
Can confirm, I'm not envious of the bizarre posts you put up on here. I just think they're funny, presumably as intended. |
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By (user no longer on site)
over a year ago
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"Only 5% of their profits came from the UK. The rest was made elsewhere.
Stop complaining, I've got shares in shell.
I see this as a win for me.
Bye.
I do enjoy your confused posts.
Top notch trolling.
Hahahaha I love envy. Means I'm over the target.
My shares are up up up.
Can confirm, I'm not envious of the bizarre posts you put up on here. I just think they're funny, presumably as intended."
Green as grass.
Keep posting envious peeps, I don't g.a.f.
I'm in the £££££.
Love capitalism. |
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By *ercuryMan
over a year ago
Grantham |
The bigges5 holders of Shell shares are American Venture trusts, and Norwegian pensions.
UK held shares account for only a small percentage of holding. Even less when Shell decide to buy them back. |
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