Shell earnings top $5 billion. But that's nearly half what it pulled in months ago

and driving record profits for energy companies, including Shell, British rival BP and others. Prices have since fallen amid weak global economic growth and other factors, leading to lower earnings.

“Shell delivered strong operational performance and cash flows in the second quarter, despite a lower commodity price environment," CEO Wael Sawan said in a statement. The 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 helplast year, will reward shareholders with a 15% dividend increase. It says it's buying back an additional $3 billion in shares over the next three months.“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.at a time when the world economy is still dependent on fossil fuels., and energy companies face increasing pressure to do more to reduce such greenhouse gas emissions.moral and economic madnessCopyright 2023 The Associated Press. All rights reserved.

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