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The Latest Breaking News on Shell Reports 2023 Profits of $28.25 Billion Amid Market Shifts

Shell Reports 2023 Profits of $28.25 Billion Amid Market Shifts

The company's shift towards trading more in liquefied natural gas (LNG) and increased production offset reduced earnings from refining and oil trading, along with higher operating costs.

International Business Times UK

Shell edges out Volkswagen to top the list of companies bringing in the most revenue in Europe

An energy crisis sent Shell's profits soaring as oil and gas companies dominated the inaugural Fortune 500 Europe list.

Fortune

Shell face backlash as oil giant records 'grotesque' profits

THE Scottish Greens have hit out at Shell after the oil and gas giant said adjusted profits came in at $6.2 billion (£5.1bn) during the three…

The National (Scotland)

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Shell angers climate activists with plan for $23bn shareholder payout

Company prepares to cut jobs from low-carbon division and focus on high-profit oil projects

The Guardian - UK

Petrostate windfall tax would help poor countries in climate crisis, says Brown

Former British PM calls for 3% levy on oil and gas export revenues of biggest producers to generate $25bn a year for global south

The Guardian - UK

Dismay as BP and Shell see huge profits while oil and gas prices fall

BP and Shell have continued to report multi-billion pound profits despite a drop in energy prices.

The Independent UK

BP profits are cut in half to $2.6 billion as oil and natural gas prices fall

Energy giant BP says it earned nearly $2.6 billion in the second quarter

The Independent UK

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Sunak’s failing windfall tax enabling oil giants to avoid paying billions, say Labour and Lib Dems – as it happened

Ed Miliband attacks ‘gaping loopholes’ in oil and gas windfall tax after BP posts £2bn in profits in three months

The Guardian - UK

BP’s £2bn profits cause anger amid climate crisis

Oil and gas company to return another $1.5bn to investors through a share buyback

The Guardian - UK

Oil companies that made a killing last year are now facing a reckoning

European powerhouses Shell and TotalEnergies capitalized on favorable tailwinds, but now face falling profits.

Fortune

Shell earnings top $5 billion. But that's nearly half what it pulled in months ago

Shell has reported that it earned nearly $5.1 billion in the second quarter

The Independent UK

Ed Miliband urges PM to close ‘Swiss cheese’ holes in windfall tax on energy firms

Shadow net zero secretary attacks Sunak’s ‘perverse’ policy as Shell and British Gas report large profits

The Guardian - UK

British Gas profits soar by staggering 889% to record £969m as households struggle with huge bills

Centrica, its parent company, has revealed a £6.5 billion profit in the first six months of 2023

The Independent UK

Shell boss under fire for saying cutting fossil fuel production is ‘dangerous’

Wael Sawan criticised by climate campaigners after comments defending continued reliance on oil and gas

The Guardian - UK

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Insider UK

Shell boss says cutting oil and gas production would be ‘dangerous’

Chief executive states the world still 'desperately needs' petrochemicals because renewables cannot yet replace them

Insider UK

Shell faces backlash for ‘destructive’ decision to abandon oil reduction plans

Plan to reduce oil production by up to 2% each year this decade dropped, with claim that oil field sell-offs mean target already reached

The Independent UK

Shell ditches lower oil production target but insists it's committed to cutting emissions

Shell has effectively abandoned a plan to cut oil production by 1-2% per year until the end of the decade

The Guardian - UK

Shell drops target to cut oil production as CEO aims for higher profits

Wael Sawan prioritises shareholder payouts, setting out plan to keep oil production steady until 2030

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Daily Mirror

Tory plot to drop windfall tax in midst of cost-of-living crisis is branded obscene

Chancellor Jeremy Hunt has confirmed plans to revert the tax back to 40% from 75% in a move that has been criticised by campaigners

The Independent UK

Government to scrap windfall tax if energy prices drop

Decision criticised as ‘shortsighted’ in face of soaring UK household energy debt and continuing war in Ukraine

The Guardian - UK

North Sea oil and gas industry offered ‘get-out’ clause on windfall tax

Jeremy Hunt hopes suspending energy profits levy if Brent crude falls below $71.40 a barrel will aid investment

Evening Standard

Shadow chancellor Rachel Reeves claims energy firms are making ‘war profits’

Shadow chancellor Rachel Reeves has accused energy firms of making “war profits” from the surge in oil and gas prices following Russia’s invasion of Ukraine.

The Guardian - UK

SSE to invest £40bn in green energy as profits almost double

Firm pledges record-breaking investment over next decade as earnings from gas-fired power plants surge near-fourfold

The Guardian - UK

Shell AGM disrupted by protests as investors reject new emissions targets

Bosses defend oil company against accusations it is not switching away from fossil fuels quickly enough

Daily Mirror

Fury as Shell makes £7.6BILLION in 3 months as Tory windfall tax failure blamed

The oil giant raked in a record £7.6billion in the first three months of this year, or £986 every second, and showered shareholders with £4.8billion

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