LONDON, July 27 — British energy giant Shell today said its net profit slumped in the second quarter on weaker energy prices and falling gas sales.
Profit after tax came in at US$3.13 billion in the April-June period, down 80 per cent compared with the second quarter a year earlier when Shell benefited from surging prices.
Net profit had stood at US$8.7 billion in the first quarter of 2023, Shell added in an earnings statement.
"Shell delivered strong operational performance and cash flows in the second quarter, despite a lower commodity price environment," chief executive Wael Sawan said in earnings statement.
Despite the drop in profits, Shell said it would return US$3 billion to shareholders. — AFP