profiteering

BP boss could be in line for special bonus of up to £11.4m

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https://www.theguardian.com/business/2023/feb/26/bp-boss-could-be-in-line-for-special-bonus-of-up-to-114m

Firm set for clash with investors over possible payout to Bernard Looney from three-year share award plan

Just Stop Oil protests at BP
Just Stop Oil protests at BP

BP is set for a clash with investors after it emerged that its chief executive could be in line for a special bonus of up to £11.4m. The payment, in shares, would be on top of his £1.38m salary and annual bonus for 2022.

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Charlie Kronick, a senior climate campaigner at Greenpeace UK, said: “These bumper bonuses would be a slap in the face for millions of UK people struggling with their bills and communities around the world reeling from the climate crisis … Instead of being stuffed in the pockets of shareholders and company bosses, all this extra cash should be redirected towards public goods, whether it’s insulating UK homes or supporting communities suffering the consequences of the oil industry’s carbon pollution.”

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https://www.theguardian.com/business/2023/feb/26/bp-boss-could-be-in-line-for-special-bonus-of-up-to-114m

Continue ReadingBP boss could be in line for special bonus of up to £11.4m

BP makes historic £23bn profit as Brits freeze and the planet burns

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Just Stop Oil protests at BP
Just Stop Oil protests at BP

Campaigners call for polluters’ tax as oil firms make record gains

UNION leaders have attacked Tory weakness on taxing big oil companies after BP announced record-high profits off the back of the energy crisis.

As millions struggle to heat their homes across the UK, the energy giant revealed it raked in $27.7bn (£23bn) in profit in 2022 — more than double the previous year.

The firm also admitted that it will miss its carbon emissions pledge, saying it was now aiming to reduce emissions by 20-30 per cent by 2030, down from 35-45 per cent, and will continue to invest in oil and gas.

It comes after oil firm Shell also reported bumper profits last week, totalling an eye-watering $40bn (£33bn) — the highest in the company’s 115-year history — with both firms benefiting from the sharp rise in energy prices linked to the war in Ukraine.

The obscene profits have sparked renewed calls for PM Rishi Sunak to toughen the government’s “inadequate windfall tax on energy firms.”

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https://morningstaronline.co.uk/article/b/bp-makes-historic-23bn-profit-as-brits-freeze-and-the-planet-burns

Continue ReadingBP makes historic £23bn profit as Brits freeze and the planet burns

Fossil fuel giant Shell reveals highest profits in its history

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https://morningstaronline.co.uk/article/b/fossil-fuel-giant-shell-reveals-highest-profits-in-its-history

Unions call on government to ‘expand windfall tax on energy producers’ as public face 40% hike in bills from April

Activists gather at Glengad Beach in Co Mayo as the pipe laying vessel the Solitaire makes its way into Broadhaven Bay

THE government must “get real” on profiteering and increase windfall taxes on oil and gas companies, campaigners and unions urged today as Shell revealed its highest profits in its history.

The oil giant said that core profits rocketed to $84.3 billion (£68.1bn) in 2022 in what is one of the highest gains ever recorded by a British company.

The public face a 40 per cent hike in energy bills from April on top of soaring bills and the cost-of-living crisis.

Following pressure, the government launched a windfall tax, called the energy profits levy, on bumper profits made by producers last year.

Shell said it was due to pay $134 million (£109m) through the levy for 2022, representing just a fraction of its mammoth profit.

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https://morningstaronline.co.uk/article/b/fossil-fuel-giant-shell-reveals-highest-profits-in-its-history

Continue ReadingFossil fuel giant Shell reveals highest profits in its history