Shell profits plunge last year from a record high as oil and natural gas prices drop

LONDON (AP) — 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. In a statement Thursday, 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. Shell CEO Wael Sawan says the company had “made good progress” over the year and that it would focus on “more value with less emissions.” Shell also said it’s less affected by attacks on vessels in the Red Sea, which have prompted companies to divert shipments.