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Vast energy firm profits raise fresh questions over windfall tax


Vast energy firm profits raise fresh questions over windfall tax

By Douglas Fraser: Business and economy editor, Scotland

  • Vast profits for BP and Shell have put them in the frontline of a battle over the winners and losers from the energy crisis.
  • Extension of the windfall tax is seen by the industry as a way of discouraging further investment.
  • Some would prefer to see that discouraged and are dismayed as BP increases spend, while others want taxes to target benefits to shareholders.

BP and Shell get the attention because they’re big, public brands based in Britain. They’re not the only ones making vast amounts of money.

US firm ExxonMobil reported a profit of $56bn (£47bn) for last year. Chevron, also in the US, reported $36bn (£30bn).

Shell had profits of $40bn (£32bn) and BP has weighed in at $28bn (£23bn). All of them have more than doubled profits as the invasion of Ukraine and sanctions on Russia roiled the world’s energy markets.

Equinor (formerly Statoil), based in Norway and the largest supplier of gas to the UK and European Union after Russian gas flow was cut sharply, announced on Wednesday its net profit for the year was $28.7bn (£24bn), up from $8.6bn (£7bn) in 2021. Adjusted operating profits – before tax and removing one-off items – came to $75bn (£62bn). read more and its sister non-profit websites,,,,,, and are owned by John Donovan. There is also a Wikipedia feature.