FILE - An aircraft passes a sign at a shell petrol station in London, Thursday, Feb. 2, 2023. . That's nearly half what the oil and natural gas giant pulled in during the first three months of the year as energy prices have plunged. The British energy company said Thursday, July 27, 2023 that its adjusted earnings followed lower oil and gas prices, production and trading. Shell reported Thursday that it earned nearly $5.
“Shell delivered strong operational performance and cash flows in the second quarter, despite a lower commodity priceThe financial earnings have become a political flashpoint in Britain, spurring calls from opposition politicians and campaign groups for oil and gas companies to do more to help consumers burdened by soaring energy bills that have contributed to a cost-of-living crisis.
The company, despite setting a goal of net zero emissions by 2050, reiterated that it was “committed to oil and gas” and would invest $40 billion in gas production and exploration between 2023 and 2025. It also said it would invest $35 billion into both refining and renewable energy, with $10 billion to $15 billion going toward low-carbon energy solutions.
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Shell profits cut in half by lower oil prices | CNN BusinessShell has reported a 56% drop in second-quarter profit, as oil and gas prices fell from record highs reached following Russia’s full-scale invasion of Ukraine 17 months ago.
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