Shell CFO Sees $420M Impact in 3Q From UK Windfall Tax

Shell expects the impact of the UK’s recent windfall tax to be around $420 million in the third quarter of the year, CFO Sinead Gorman said in an analyst call.

• The increase in tax on oil and gas profits in the UK by 25% was enacted in mid-July, so didn’t impact 2Q results
• “Beyond that, very relaxed. The windfall tax, we know how it’s going to hit on this, we know that we’ve got the ability to continue to invest in the UK,” Gorman said
• On the disposal of assets, Van Beurden said:
  • “Nigeria for us, the intent is very ...