Shell to pay $2bn in windfall tax in Q4
By Michele Maatouk
Date: Friday 06 Jan 2023
(Sharecast News) - Oil giant Shell said on Friday that it expects to pay $2bn in windfall tax for the final quarter of 2022.
The company said in a fourth-quarter update: "The Q4'22 earnings impact of recently announced additional taxes in the EU (the solidarity contribution) and the deferred tax impact from the increased UK Energy Profits Levy is expected to be around $2 billion."
These impacts will be reported as identified items and as a result, will not affect adjusted earnings for the quarter and will have limited cash impact given the expected timing of payments, Shell added.
The company said that Q4 results from the integrated gas segment were set to be "significantly higher" than in the third quarter.
It also said that liquefied natural gas production in Q4 will take a hit from longer-than-expected plant outages in Australia.
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