Shell expected to lose $2bn after windfall taxes announced
As a result of the UK and EU windfall taxes, for the last quarter, there will be a hit of approximately 2 billion USD on earnings. This comes after the firm disclosed that it had not paid any UK windfall taxes because of their investments in the North Sea in October. The windfall levies are designed to capture excess earnings raked in as a result of high commodity prices, linked to Russia’s invasion of Ukraine. Russ Mould, an investment director at AJ Bell, said: “It would be disingenuous for Shell to gripe too much about these new levies given recently departed Ben van Beurden argued they were ‘inevitable’ back in October.
How will this effect the current rates from Shell and their workers?