Shell reports £7.7bn profits

The company beats its own first-quarter profit record with adjusted earnings of £7.2bn

Energy giant Shell has reported an impressive profit of nearly £7.7 billion ($9.65bn) for the first quarter of 2023.

The surge in oil and gas prices has been cited as a key contributor to the company’s success.

However, the news of Shell’s bumper profits has drawn criticism, as the cost of living crisis continues to affect millions.

With soaring energy bills and inflation rates, calls have been mounting for the UK Government to impose a windfall tax on energy companies that have been reaping enormous profits.

Shell plc Chief Executive Officer Wael Sawan announced that the company has achieved strong first-quarter results and operational performance despite market volatility and will be starting a three-month $4 billion (£3.1bn) share buyback programme as a part of its commitment to provide attractive shareholder returns.

Charlie Kronick, Senior Climate Advisor at Greenpeace UK, said: “As temperatures soar from Madrid to Mogadishu, Shell is once again posting bumper profits while promising to keep extracting fossil fuels for years to come.

“Millions around the world are already feeling the effects of the climate crisis and it’s those who did the least to cause it who are paying the heaviest price.

“It’s time for the oil giants to start feeling the heat. The UK Government should stop issuing new oil and gas licences and force Shell and the rest of the industry to start using their obscene profits to pay for the damage that their fossil fuel habit is causing to lives and livelihoods around the world.”

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