LONDON: British energy giant Shell reported a 17 per cent drop in annual profit to $16.1 billion in 2024, citing lower oil and gas prices and asset write-offs.
Revenue fell nearly 11 per cent to $289 billion, as the company scaled back climate targets to prioritise profits.
Weak oil prices, pressured by China’s economic slowdown, and plunging gas costs weighed on earnings.
In response, Shell slashed jobs in its exploration division to cut costs.
CEO Wael Sawan called the results “strong” despite the lower price environment, announcing a 4 per cent dividend hike and a $3.5 billion share buyback.
Shell’s climate commitments continue to shrink.
It weakened its carbon-cutting target for 2030 and withdrew from developing new offshore wind projects, despite offshore wind being a key part of Europe’s decarbonisation plans.
Greenpeace UK accused Shell of profiting from the climate crisis while backtracking on emissions goals.
Sawan said Shell will update its strategy in March to deliver “more value with fewer emissions,” but investors remain divided on the company’s future amid shareholder demands and the energy transition. – AFP
