Tax & Accounting News

Shell Profits Double In Q3, Gov. Newsom Calls For More Taxes

10/26/2022

In early October, California Governor Gavin Newsom (D) called for a new "windfall profit" tax on oil companies. Now, Shell's Q3 earnings report has brought his comments back to the forefront.

The gasoline giant shared details of its third-quarter profits today, ABC News reported. The outlet noted that the company's adjusted earnings, which exclude one-time items and inventory valuation fluctuations, rose from $4.13 billion in Q3 last year to $9.45 billion in 2022.

Shell Chief Executive Ben van Beurden issued a statement saying, "We are delivering robust results at a time of ongoing volatility in global energy market. At the same time we are working closely with governments and customers to address their short and long-term energy needs.”

According to CalMatters, the type of "windfall profit" tax Newsom is proposing in the Golden State hasn't been done before in the U.S., with one notable exception.

The outlet spoke to David Brunori, a visiting professor of public policy at George Mason University and an expert on state-level tax policy. He shared that in 2006, Alaska started taxing net revenues on oil production, with a tax rate that increased as the price of a barrel of oil increased. The program was altered in 2007, and the levy brought in billions of dollars for the state. Some of the funds were used to issue $1,200 payments to Alaska residents as gas prices rose.

The Alaska Journal of Commerce notes, however, that drilling decreased after the tax was imposed, and Brunori said the policy wasn't exactly a "windfall profit" tax -- it is also unknown if Newsom's proposal would mimic Alaska's.

Intriguingly, van Beurden recently spoke out at the Energy Intelligence Forum in London, indicating that he believes oil giants should face more taxes.

He said, “One way or another there needs to be government intervention. Protecting the poorest, that probably may then mean that governments need to tax people in this room to pay for it.”

One potential solution that has been discussed in the European Union -- where an ongoing energy crisis could potentially lead to thousands of cold-weather deaths this winter -- is a cap on the price of natural gas to assist consumers, especially those who have low incomes.

Per Bloomberg, van Beurden criticized this approach in his comments, however. The executive indicated that large corporations like Shell and its competitors would struggle to send additional natural gas shipments to Europe without a price incentive.

He said, “We will do our best to bring gas to Europe where it’s needed, but if the market signal is not there it’s going to be really challenging."

At this time, it is unclear if "windfall profit" tax legislation will officially be introduced in California in the near future.

What do you think about Governor Newsom's oil tax idea?

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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