Shell profits plunge last year from a record high as oil and natural gas prices drop
Oil giant Shell saw profits tumble by nearly a third in 2023 as a result of lower oil and gas prices, which had surged the year before in the wake of Russia’s invasion of Ukraine
By AP News
Published - Feb 01, 2024, 06:20 AM ET
Last Updated - Feb 01, 2024, 06:43 AM EST
LONDON (AP) — Oil giant Shell saw profits tumble by nearly a third in 2023 as a result of lower oil and natural gas prices, which had surged the year before in the wake of Russia's invasion of Ukraine.
In a statement Thursday, London-based Shell said its post-tax earnings fell 29%, to $28.3 billion from the previous year's all-time high of $40 billion.
The main reason behind the decline was the fall in energy prices, with oil trading at an average of $82 a barrel against $100 the year before.
