Dow Jones Newswires: Shell to take $2 billion tax hit for Q4 after integrated gas trading soared

by | Jan 6, 2023 | Stock Market

By Joe Hoppe Shell PLC said Friday that it expects its fourth-quarter earnings to take a $2 billion hit from additional taxes in the European Union and the U.K. government’s energy windfall tax as its integrated gas trading and optimization results rose on quarter.

Recently announced additional taxes in the European Union, and the deferred tax hit from the increased U.K. government’s energy profits levy is expected to hit fourth quarter earnings by around $2 billion. The company said that the taxes and levies will be reported as identified items, and therefore won’t affect fourth quarter adjusted earnings. They will have a limited cash hit in the fourth quarter given the expected timing of payments. The energy group said production for the fourth quarter in Integrated Gas is anticipated to be between 900,000 and 940,000 barrels of equivalent oil per day. It said it expects fourth-quarter pretax depreciation of between $1.2 billion and $1.6 billion. Shell said it expects fourth-quarter upstream production of 1.8 million …

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