Additional tax on oil company profits? - First-quarter results prompt demands from several EU countries
European oil and gas companies that posted huge profits in the first quarter due to price increases caused by the war in the Middle East are facing fresh calls from London to Paris to tax their excess profits.
Oil giant Shell reported a 24% rise in first-quarter profit. Rival BP also reported higher profits last month, while France's TotalEnergies said net profit rose 51% to $5.8 billion. Analysts expect profits to remain strong this year.
According to Oxfam, six of the world's largest fossil fuel companies — Chevron, Shell, BP, ConocoPhillips, ExxonMobil and TotalEnergies — are projected to earn an additional $37 million per day in 2026 compared to 2025.
These results have prompted calls across Europe for additional taxes on energy company profits, similar to measures imposed after Russia's invasion of Ukraine in 2022.
In early April, Germany, Austria, Spain, Italy and Portugal jointly asked the European Commission to impose an EU-wide tax on excess profits by energy companies during the Iran-related oil shock.
The five countries said the move could help fund consumer support schemes, curb inflation and ease pressure on public finances. A month later, after major energy firms reported strong profits, the debate intensified.
In the UK, companies operating in the North Sea remain subject to the Energy Profits Tax, a temporary tax on windfall profits introduced in 2022. The tax is currently 38% until 2030, in addition to existing sector taxes, although it only applies to profits from UK oil and gas production.
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