Shell reports its highest ever quarterly profits

Shell profits soared to $9.1 billion amid calls for a windfall tax

Big Zero Report 2022

Shell almost tripled its profits in the first quarter of 2022.

The energy giant has today published its quarterly financial report, which shows the company made $9.13 billion (£7.3bn) in the first three months of the year.

That was nearly triple its $3.2 billion profit for the same period last year.

Shell reported adjusted earnings of $9.1 billion (£7.3bn) in a “volatile geopolitical and macroeconomic environment” and adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $19 billion (£15.1bn) in the first quarter of 2022.

That compares to $16.3 billion (£13bn) in the fourth quarter of 2021.

A few days ago, bp also reported a sharp rise in profits.

Shell plc Chief Executive Officer Ben van Beurden, said: “The war in Ukraine is first and foremost a human tragedy, but it has also caused significant disruption to global energy markets and has shown that secure, reliable and affordable energy simply cannot be taken for granted.

“The impacts of this uncertainty and the higher cost that comes with it are being felt far and wide. We have been engaging with governments, our customers and suppliers to work through the challenging implications and provide support and solutions where we can.”

In the last few days calls for a windfall tax on energy companies’ profits have increased as the government has repeatedly dismissed the measure.

Earlier this year, Shell pledged to invest £25 billion in the UK’s energy sector over the next decade.

In response to today’s publication of financial results, the Business Secretary said: “I welcome Shell’s plans to invest £25 billion into our energy system this decade and their recent decision to move their global headquarters from the EU to London.

“We are backing North Sea oil and gas for our energy security, but in return, I want to see profits reinvested back into the UK.”

Rachel Reeves, Shadow Chancellor of the Exchequer, said: “Another day, another oil and gas producer making billions in profits and yet another day of the Conservatives refusing a windfall tax to bring down bills.”

Network with hundreds of businesses and public sector organisations taking bigger steps to net zero. Book your FREE ticket to the Big Zero Show 2023 now. 

If you enjoyed this story you can sign up to our weekly email for Energy Live News – and if you’re interested in hearing more about the journey to net zero by 2050, you can also sign up to the future Net Zero newsletter. 

Latest Podcast