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Shell’s big profit dip

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.”

Energy Live News
Energy Live News
This article first appeared on Energy Live News, an award winning news service. Their mission is to give you balanced news, analysis, commentary of energy from their dedicated team of quality journalists and production staff.
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