Shell has reported a significant decline in annual adjusted profits for 2023, with figures dropping by 29% to $28 billion (£22.1bn) from the record earnings of nearly $40 billion (£31.6bn) in 2022.
This downturn is attributed to lower oil and gas prices, reduced volumes, and diminished refining margins, according to Shell.
Shell plc Chief Executive Officer Wael Sawan commented: “Shell delivered another quarter of strong performance, concluding a year in which we made good progress across the targets outlined at our Capital Markets Day.
“As we enter 2024 we are continuing to simplify our organisation with a focus on delivering more value with less emissions.”
