Oil and gas giant BP confirmed it more than doubled its annual profit in 2022 to £23 billion ($27.7 billion), up from the £10.6 billion ($12.8 billion) witnessed in 2021, owing to soaring oil and gas prices.
British multinational oil and gas company Shell recorded its “highest-ever” annual profits in 2022 amounting to £32.2 billion, with only £1.86 billion estimated to be paid via the UK and EU’s windfall taxes for the year.
Should loopholes for tax incentives be removed from the UK government’s windfall tax could generate around £22 billion in additional revenue, research from the New Economics Foundation (NEF) has found.
bp has recorded £7.1 billion ($8.2 billion) in Q3 profit as the oil and gas giant (O&G)benefits from elevated energy prices amid the ongoing European crisis.
Shell has reported record profits in Q2 2022, as its adjusted earnings hit £9.6 billion ($11.5 billion), up from its previous high of £7.6 billion ($9.1 billion) in Q1.
