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BP is paying more tax as it is making more profit, its U.K. head Louise Kingham told the Reuters Energy Transition Europe 2022 event on Nov. 16.
"It's right that [the government] should think about how they protect the most vulnerable and taxation is not for companies to determine," Kingham said.
"I think when companies make more profits, they expect to pay more taxes, and that's exactly what we are doing," she added.
British finance minister Jeremy Hunt is considering increasing a windfall tax on oil and gas firms and extending it to power generation firms as he tries to find ways to repair the country's public finances, sources said on Nov. 12.
Hunt is due to announce his new budget plan on Nov. 17.
"Taxes that we will pay here in the U.K. will be about two and a half billion dollars, all told, with the (\[existing] additional levy," Kingham added, referring to the 25% windfall tax, or Energy Profits Levy, approved by British lawmakers for oil and gas producers in the British North Sea in July.
"It's widely been mooted by others that there is an expectation that the [tax] levels will increase... We'll see what comes tomorrow."
2024-01-02 - Rich Dealy steps into the Pioneer Natural Resources CEO role as the Permian Basin pure-play integrates operations with Exxon Mobil in a $60 billion merger.
2024-01-25 - The Permian’s Tier 1 acreage opportunities for startup E&Ps are dwindling. Investors are beginning to look elsewhere.
2024-01-31 - Helmerich & Payne’s revenue grew internationally and in North America but declined in the Gulf of Mexico compared to the previous quarter.
2024-02-28 - Kosmos Energy’s fourth quarter continued the operational success seen in its third quarter earnings 2023 report.
2023-12-12 - By value, Occidental Petroleum’s Dec. 11 deal for CrownRock, combined with other private-equity exits, totaled about $30 billion in 2023.