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LONDON - Shell plc released its annual report on payments to governments for the year 2024, detailing a total of $28.1 billion paid for extractive activities worldwide. The report, prepared under UK and EU regulations, excludes payments related to refining, natural gas liquefaction, or gas-to-liquids activities.
The largest payments were made in Nigeria, where Shell paid $5.34 billion, followed by Malaysia with payments amounting to $3.12 billion. Norway and Oman also saw significant payments, receiving $3.38 billion and $4.59 billion, respectively. Payments in these countries were primarily in the form of production entitlements and taxes.
Conversely, the United Kingdom (TADAWUL:4280) reported a negative tax balance of $16.65 million, indicating refunds or adjustments. India also showed a negative figure, with Shell reporting a tax refund of $17.71 million.
In the Americas, Brazil topped the list with payments totaling $3.7 billion, largely due to royalties and tax payments. Argentina and Canada saw payments of $199.16 million and $178.69 million, respectively, while the United States received $1.32 billion, predominantly from royalties.
The report provides a country-by-country and project-level breakdown, ensuring transparency in Shell’s financial dealings with governments. This disclosure aligns with Shell’s commitment to corporate responsibility and adherence to legal requirements in the jurisdictions where it operates.
The report’s publication is in compliance with the UK’s Reports on Payments to Governments Regulations 2014 and the EU Accounting Directive, as well as being furnished with the US Securities and Exchange Commission. It is part of Shell’s broader effort to maintain transparency in its operations, particularly in the extractive sector.
Investors and stakeholders can access the full report on Shell’s website, providing insights into the company’s financial contributions to resource-rich countries. The disclosed figures are rounded and exclude payments below a materiality threshold set at £86,000.
This information is based on a press release statement from Shell plc.
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