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

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

LONDON -- Oil giant Shell saw profits tumble by nearly a third in 2023 as a result of lower oil and natural gas prices, which had surged the year before in the wake of Russia's invasion of Ukraine.

In a statement Thursday, London-based 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, with oil trading at an average of $82 a barrel against $100 the year before.

Shell CEO Wael Sawan said the company had “made good progress” over the year and that it would focus on “more value with less emissions."

Shell's green credentials, which have been under fire over the past year, were in focus again Thursday as Greenpeace activists protested outside the company's London headquarters dressed as partying Shell board members.