Shell records $5.1bn Q2 2023 profits amid falling energy prices

Shell has today (July 27) announced Q2 2023 profits of $5.1bn compared to $11.5bn over the same period in 2022, citing plunging energy prices.

Coming as its lowest quarterly profit in nearly two years, the oil and gas major has said the results come off the back of “lower oil and gas prices and refining margins and lower LNG trading and optimisation results.”

$2.49bn of the quarter’s earnings came from integrated gas, while its renewables and energy solutions brought in just $228m. Its renewables segment also saw nearly half the CAPEX spend of integrated gas with $556m and $1.1bn spent respectively.

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