Due to reduced oil and gas prices, Shell reported on Thursday that its profit more than halved in 2023 after surging to a record the year before due to the Ukraine crisis.
After-tax earnings fell to $19.4 billion in 2022 from $42.3 billion, as prices spiked due to Russia’s invasion of neighboring Ukraine, a major oil producer.
The British energy firm said in a press release that “full year 2023 income… reflected lower realised oil and gas prices, lower volumes, and lower refining margins.” Revenue fell to $316.6 billion, nearly a five percent decline. Nonetheless, the company will give stockholders their $3.5 billion back.
In the results statement, chief executive Wael Sawan stated, “Shell delivered another quarter of strong performance, concluding a year in which we made good progress.”
“We are continuing to streamline our operations as we approach 2024, with an emphasis on providing greater value while reducing emissions.”
