LONDON: British energy giant Shell today said its net profit slid 23% in the first six months of the year, hit by lower oil and gas prices.
Profit after tax dropped to US$8.4 billion compared with US$10.9 billion in the first half of 2024, Shell said in an earnings statement.
Group revenue dropped nearly 9% to US$136.6 billion in the reporting period.
Shell pointed to “lower realised liquids and gas prices”, while chief executive Wael Sawan said the company had been operating “in a less favourable macro environment”.
Energy prices have come under pressure in recent months on concerns that US President Donald Trump’s tariffs will hurt economic growth, while Opec+ nations have produced more oil.
Ahead of the stock market reopening in London, Shell today added that it planned to repurchase US$3.5 billion of shares.