Shell earns billions from gas and oil, but makes losses from sustainable energy

Shell

This article was last updated on October 31, 2024

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Shell earns billions from gas and oil, but makes losses from sustainable energy

Despite a lower oil price, Shell has once again earned billions from oil and gas. In the past quarter, profit amounted to $6 billion, about $200 million less than a year earlier.

Once again, a large portion of those profits go to the company’s shareholders. Shell buys back 3.5 billion dollars of its own shares and investors benefit from this.

It is the twelfth quarter in a row in which Shell says it will return 3 billion or more to shareholders. Last year, $23 billion was already paid out to shareholders.

Durable

Shell, one of the largest companies in Europe in terms of turnover, earns by far the most from pumping oil and gas. No profit was made from sustainable activities, such as wind energy, solar energy and hydrogen production. There was a loss of 162 million euros.

Shell previously made known want to further reduce CO2 emissions. For example, the number of electric charging stations worldwide will be expanded from 54,000 to 200,000 in 2030.

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