Shell sees significant drop in profits, around third lower than 2023
(MENAFN) In 2023, oil giant Shell experienced a significant drop in profits, nearly a third lower than the previous year, primarily due to declining oil and natural gas prices. These prices had surged the year before following Russia's invasion of Ukraine.
According to a statement released on Thursday by the London-based Shell, its post-tax earnings decreased by 29 percent to USD28.3 billion, compared to the previous year's record-breaking USD40 billion.
The main contributing factor to this decline was the decrease in energy prices, with oil trading at an average of USD82 per barrel, down from USD100 in the preceding year.
Shell Chief Executive Officer Wael Sawan stated that the firm had “made good progress” throughout the year and that it would shed the lights on “more value with less emissions."
Shell's environmental commitments, which have faced scrutiny over the past year, were once again in the spotlight on Thursday as Greenpeace activists staged a protest outside the company's London headquarters. The activists were dressed as reveling Shell board members, drawing attention to the company's environmental practices.
Greenpeace campaigners asserted that the oil group should allocate a portion of its profits towards a fund established during the U.N. climate talks in December. This fund aims to assist in covering the costs associated with loss and damage caused by climate change.
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