Displaying items by tag: Oil and Gas Industry

Energy giant Shell has reported its highest-ever quarterly profits (£7.3bn) as oil and gas prices surge around the world. But Shell said pulling out of Russian oil and gas due to Ukraine’s conflict had cost them £3.1bn. BP also reported a sharp rise in profit, and Norway's Equinor, which supplies a quarter of the UK's gas, also posted record earnings this quarter. Oil prices were already rising before the Ukraine war as economies started to recover from the Covid pandemic. The public is now asking what these companies will do with all their extra profits. The Government has so far ruled out a windfall tax.