Shell faces £1.7bn earnings hit due to UK and EU windfall taxes
Shell has revealed it will face a hit of around two billion dollars (£1.7bn) to its latest quarterly earnings due to UK and EU windfall taxes.
It comes after bosses at the London-listed oil giant said in October they had not paid any UK windfall taxes amid heavy investment in the North Sea.
The firm told investors on Friday that it will face a hit to earnings for the final quarter of 2022 due to the increased UK energy profits levy and additional EU taxes. The earnings hit comes on top of a 360 million dollar impact disclosed in its October update, despite not yet starting payment of the taxes.