The logo of Shell on an oil storage silo, beyond railway tanker wagons at the company’s Pernis refinery in Rotterdam, Netherlands, on Sunday, Oct. 23, 2022.
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Oil and gas major Shell said Friday it expects to pay an extra $2 billion in new taxes for the fourth quarter in the European Union and U.K.
“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,” the company said in a trading update.
The company, which will release its full fourth-quarter results on Feb. 2, also said it expects between $550 million and $750 million of losses in adjusted earnings over the period. The EU and UK levies will not affect the adjusted earnings figures, the company said.
This is a developing news story and will be updated shortly.