Shell profit tumbles on lower oil prices

By AFP Shell said Thursday that its net profit more than halved to $19.4 billion in 2023 on lower energy prices, after rocketing to a record peak the previous year following the Ukraine conflict. Post-tax profit slumped 54 percent after reaching an all-time high of $42.3 billion in 2022, when energy producer Russia’s invasion of Ukraine sent oil and gas prices soaring, boosting earnings across the industry. “Full year 2023 income… reflected lower realised oil and gas prices, lower volumes, and lower refining margins,” Shell added in the earnings release. It was also slammed by impairment and other accounting charges totalling $7.5 billion. Revenue dived almost a fifth percent to $316.6 billion. Shell will nevertheless return $3.5 billion to shareholders […]