Profits at Britain's biggest North Sea oil and gas company set to rocket 750%

[Eldorado]

Profits at Britain's biggest North Sea oil and gas company are set to rocket 750 per cent after the surge in energy prices.

Harbour Energy is expected to have made £2.2 billion before tax last year, up from £260 million in 2021, according to City forecasts compiled by Refinitiv.

The profit surge at the firm – the biggest producer in the North Sea – has been driven by soaring oil and gas prices since Russia's invasion of Ukraine, which also sent household bills rocketing. But the company is braced to take a significant hit from the Government's windfall tax.

https://www.msn.com/en-gb/money/other/profits-at-britain-s-biggest-north-sea-oil-and-gas-company-set-to-rocket-750-after-surge-in-energy-prices/ar-AA18dR7P?

[Eldorado]

Former Shell boss Ben van Beurden received a pay package of £9.7m last year, up more than 50% from 2021.

His pay was revealed in the oil and gas giant's annual report and accounts.

Shell reported the highest annual profits in its 115-year history last year after a surge in energy prices following Russia's invasion of Ukraine.

Massive profits made by energy firms have added to pressure to tax them more as households struggle with rising energy bills.

Shell made a record $39.9bn (£32.2bn) profit in 2022, double the previous year's total.

https://www.bbc.co.uk/news/business-64899421