British Gas reports record £969m profit, while Shell sets aside another $3bn for shareholder buybacks despite fall in profits
- Thursday briefing: What the Coutts/Farage row reveals about banking in Britain
Shell actually paid more cash to its shareholders during the last quarter than it made in profit.
The energy giant paid $2bn in dividends during April-June, and also repurchased shares worth $3.6bn through its buyback programme.
“Shell has proven its commitment to putting profits and shareholders over our planet. It continues to make huge amounts of money off the back of the war in Ukraine and high energy prices.
Meanwhile, incredibly, Shell is now paying more out to its shareholders in dividends and buybacks than it makes in profit, clearly prioritising these transfers over investing a net zero future. If fossil fuel firms refuse to invest in decarbonisation then it’s right for the UK government, like the USA and Canada, to tax share buybacks to support greater public investment in the transition to net zero.”
“While families across Britain have struggled to pay their bills, energy companies have been allowed to laugh all the way to the bank.
“The government could have imposed a proper windfall tax on excess profits. But instead it has chosen to leave billions on the table.
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