Shell annual profits fall on lower oil prices after record 2022

Shell has said annual profits tumbled in 2023 after lower oil and gas prices knocked its bottom line.

The oil giant reported adjusted earnings, including taxes, of $28.3 billion (€26.3 billion) for 2023, down 29 per cent on 2022, when soaring oil prices drove profits to an all-time high.

Underlying earnings fell 19 per cent to $68.5 billion, down 19 per cent from $84.3 billion the previous year.

The lower profits come after oil prices fell last year after big increases in 2022 in the aftermath of Russia’s invasion of Ukraine, with oil trading at about $82 a barrel on average through last year, against $100 in 2022.

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But Shell said it saw a 17 per cent increase in underlying earnings, including taxes, to $7.3 billion quarter on quarter in the final three months of 2023.

It also announced plans to deliver more returns for shareholders, with another $3.5 billion in share buybacks this quarter.

Shell chief executive Wael Sawan said the group “delivered another quarter of strong performance”.

He said: “As we enter 2024 we are continuing to simplify our organisation with a focus on delivering more value with less emissions.” -PA