Oil giant Shell set to unveil record profits of more than £30bn as households and businesses grapple with sky-high energy bills
By PATRICK TOOHER, FINANCIAL MAIL ON SUNDAY
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Oil giant Shell is set to unveil record profits of more than £30 billion as households and businesses grapple with sky-high energy bills.
The corporate giant is expected to say this week that annual profit more than doubled as the war in Ukraine restricted supplies from Russia, sending the price of gas and electricity rocketing.
The FTSE100 behemoth and its arch rival BP have faced mounting criticism for cashing in. BP chief executive Bernard Looney famously described his company as resembling a ‘cash machine’ because of the amount of money it has made from elevated prices.
But, since he made those comments in 2021 – three months before the invasion of Ukraine – the profits made by BP and Shell have continued to escalate rapidly.
In May, Rishi Sunak imposed a windfall tax on oil and gas producers operating in the UK and the North Sea. The levy was increased in the Autumn Statement from 25 per cent to 35 per cent, and extended until 2028 – three years longer than originally planned.
It is set to raise £40 billion over six years. Critics argue the windfall tax deters investment in the North Sea.
But the scale of the profits at both Shell and BP, which reports next month, is likely to lead to calls for firms to pay more. Shell says it expects to pay windfall taxes in the UK and European Union of around £1.6billion – compared with an annual profit of around £31 billion, which is expected to be revealed by new chief executive Wael Sawan on Thursday.
Its windfall tax contributions will also be dwarfed by the £20 billion returned to investors in dividends and share buybacks last year alone.
BP has also had a blowout year and is expected to reveal it has more than doubled its profits to £23 billion. It expects to pay around £645 million in windfall taxes across the UK and Europe in 2022.
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
