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Shell profits decline as energy prices fall back

Petrol prices September 2023
Petrol prices have fallen from their peak

Energy giant Shell has reported lower annual profits following a fall in prices last year and announced a $3.5 billion share buyback programme.

Profits fell to $28.2bn (£22.3bn), beating expectations, from $39.9bn in 2022 which was the company’s highest earnings in its 115-year history.

Analysts had expected Shell’s full-year 2023 net profit to come in at $27.5 billion, according to an LSEG-compiled consensus.

Energy firms’ earnings surged when Russia’s invasion of Ukraine prompted a sharp rise in oil and gas amid fears of supply problems.

Shell said the results reflected strong liquefied natural gas trading and optimization margins, offsetting weaker oil products trading.

The figures were released after 24 North Sea licences were offered in the second tranche of the NSTA’s 33rd licensing round with a third tranche to follow.

Offshore Energies UK said it was “important news for people across the industry and its supply chains, which support over 200,000 jobs across the UK.”


BT Group reiterated annual guidance as it reported flat adjusted earnings for the third quarter and a rise in revenues driven by higher prices.

The telecoms provider on Thursday said adjusted core earnings for the three months to December 31 rose 1% to £2.03bn. Revenue was up 3% to £5.3bn.

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