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UK oil and gas giants raked in £10BILLION in just THREE months as energy bills soar

Mirror

UK oil and gas giants raked in £10BILLION in just THREE months as energy bills soar

By Ben Glaze Deputy Political Editor: Pippa Crerar Daily Mirror Political Editor: 7 Jan 2022

Shell and BP reported the combined profits, dividends and buybacks just as wholesale gas prices began to soar. The two firms have had £660 million in tax credits in the last five years

The UK’s biggest oil and gas companies raked in £10.2billion in just three months last year, figures reveal.

Shell and BP reported the combined profits, dividends and buybacks just as wholesale gas prices began to soar.

Households face an increase of up to £2,000 in dual fuel bills from April when the energy price cap is reviewed.

The two firms have had £660million in tax credits in the last five years, according to official figures.

It was also reported last autumn they paid zero UK tax on North Sea gas and oil for three years.

From July to September, Shell and BP reported combined profits, dividends and buybacks of £10.2bn. This included profits of $7.4bn, around £5.5bn. Profits were up from just over $1bn (£750m) in the same quarter in 2020.

Another $2.4bn (£1.8bn) in Shell buybacks were completed, with BP announcing a further $1.25bn (£900m). A buyback is a firm buying back its own shares to increase their price.

Shell said it had stepped in to help customers of failed energy firms. BP did not comment.

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