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New calls for windfall tax as Shell unveils highest quarterly profit in eight years

The Guardian

New calls for windfall tax as Shell unveils highest quarterly profit in eight years

Jillian Ambrose and agency: Thu 3 Feb 2022 12.13 GMT

Shell has cashed in on rocketing oil and gas markets by quadrupling its profits to historic highs, fuelling fresh calls for a windfall tax on fossil fuel giants to help hard-pressed households cope with record energy bills.

The UK’s Labour party has called for the government to fund measures to help British households weather the cost of living crisis by imposing a windfall tax on North Sea oil and gas producers.

Ben van Beurden, Shell’s chief executive, said: “I’m not sure that windfall taxes, popular though they may seem, [are] going to help us with [energy] supply or help us with demand. But, of course, we stand ready to be in dialogue with the government on all measures.

”Instead, the oil company, which moved its headquarters from The Hague to London last month, has stepped up its investor dividends by 4% and opened an $8.5bn share buyback programme, up from a total of $3.5bn in share buybacks in 2021.

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