Shell to pay $2 billion in additional EU, UK taxes in the fourth quarter

Shell’s logo on an oil silo, outside oil tankers at the company’s Pernis refinery in Rotterdam, Netherlands, on Sunday, October 23, 2022.

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majoring in oil and gas Cover said on Friday it expected to pay an additional $2 billion in new taxes for the fourth quarter in the European Union and the United Kingdom.

“Q4’22 earnings impact of recently announced EU additional taxes (united contribution)
and the deferred tax impact from the UK Energy Profit Tax increase is expected to be around $2 billion,” the company said in a trading update.

The EU agreed in September that oil and gas companies would pay a tax on excess profits earned in 2022 or 2023. The “solidarity contribution” will cost companies 33% of profits on their average taxable profit.

Meanwhile, UK Finance Secretary Jeremy Hunt said in his November Autumn Statement that the energy sector would be subject to an expanded surprise tariff of 35%.

Energy companies’ revenues have skyrocketed after Western sanctions block access to Russian supplies.

Shell, which will release full fourth-quarter results on February 2, also said it expected a loss of $550 million to $750 million in adjusted earnings for the period. The company said EU and UK taxes would not affect the adjusted earnings figures.

This is a developing news story and will be updated shortly.


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