Oil company Shell sees a profit declining for the second year in a row

Oil company Shell

This article was last updated on January 30, 2025

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Oil company Shell sees a profit declining for the second year in a row

In 2024, oil and gas company Shell made more than 16 billion dollars profit, around 15.4 billion euros. This means that the result of the company at the bottom of at the bottom of almost 17 percent has fallen compared to 2023.

Shell achieves less sales and profit due to lower prices for oil and gas. Last year, the profit also fell compared to record year 2022. In that year, oil and gas prices rose rapidly due to Russia’s raid in Ukraine.

Shell had to write off more than 1 billion on sustainable energy. In 2023, 3 billion was earned. When he took office in 2023, CEO Wael Sawan tempered the expectations regarding the ambition for producing sustainable energy.

‘Strong performance’

Despite the falling profit margin, Sawan speaks of a good year. The shareholders can therefore count on a slightly higher profit benefit. Shell also buys its own shares, which means that the value of shares can rise.

According to the CEO, there is more than enough money in Kas and the oil company is on schedule with a program that saves a total of $ 3 billion.

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