Shell announced that its full-year underlying earnings fell by 22%, reaching $18.53 billion (£13.6 billion). The decrease reflects the impact of a significant drop in oil prices over the period.
The company attributed the decline to challenging market conditions, including lower demand and price volatility in the energy sector. Despite the profit drop, Shell continues to focus on its long-term strategy and operational efficiency.
**Why this matters**
Shell is one of the world’s largest oil producers, and its financial performance is often seen as an indicator of the health of the global energy market. A substantial earnings decline highlights ongoing pressures in the oil industry, which can affect investment, employment, and energy prices worldwide.
Source: NewsData