The energy company predicted that its profitability in the UK and the EU would “take a hit” of about $2 billion (£1.7 billion) in the year’s last three months.

To recoup part of the enormous gains firms received from high oil and gas prices, governments have put taxes on energy companies.

At this time, Shell won’t say how much UK tax it will ultimately have to pay.

At this point, it is recognised that the number may be less than expected.

After accounting for losses, investing in sectors like renewable energy or decommissioning North Sea oil rigs, oil and gas corporations may pay less tax in the UK.