Increased UK Windfall Tax Hits Shell’s Earnings for Last Quarter of 2022

Increased UK Windfall Tax Hits Shell’s Earnings for Last Quarter of 2022
A display sign at a Shell petrol station in Leamington Spa, England, is pictured in this file photo dated March 16, 2022. (Jacob King/PA Media0
Alexander Zhang
Updated:

The increased level of UK windfall taxes on oil and gas producers has hit Shell’s earnings in the fourth quarter of 2022, the company has said.

Shell revealed it will face a hit of $2 billion (£1.7 billion) to its latest quarterly earnings due to windfall taxes in both UK and the European Union.