SHELL Logo is shown on May 03, 2024 in Austin, Texas.
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Shell, the British oil giant, reported on Thursday a significant decrease in the annual profits a year after crude prices dropped.
Shell recorded modified profits of $ 23.72 billion for 2024 company for the entire year, compared to the annual profit of $ 28.25 billion in the previous year.
Analysts expected that the Shall’s net 2024 profit would reach 24.71 billion dollars, according to the compatibility of LSEG.
The head of energy recorded the weakest than the weakest than $ 3.66 billion to the last quarter of 2024.
Shell has announced the re -purchase program of another $ 3.5 billion, which is expected to be completed over the next three months.
“Despite the decrease in profits in this quarter, cash delivery remained strong and we have made a free cash flow of $ 40 billion throughout the year, which is above 2023, in a low -price environment,” the CEO said in a statement on Thursday.
He added: “Our continuous focus has helped to simplify the provision of more than 3 billion dollars in structural cost cuts since 2022, which led to achieving our goal before the specified date, with great progress against all other financial goals.”
The companies of the best oil and gas companies in the world witnessed a decrease in profits from record levels in 2022, when the full invasion of Russia for Ukraine, Brent crude, pushed up to jump to nearly $ 140 a barrel.
Oil prices have been cooled since then in the midst of the faltering global demand, as Brent’s average contracts reached $ 80 a barrel in 2024. This was about $ 2 a barrel less than the previous year, according to US Energy Information Management.
in Trading update On January 8, Shell reduced the forecasts of LNG production (LNG) for the last three months of 2024 and warned that the results of trading in the chemical and oil products department are expected to be “much lower” on a quarterly basis.
The shares of the London listed company increased by about 4.8 % on an annual basis.
“The first race”
The results of Shalas come in full at the time when the company enters the final term for the so -called “The first race“The strategy, which was launched in 2023 and continues until the end of this year, aims to bridge the evaluation gap with our peers by strengthening the profitability of the pioneer.
The CEO of Shell Will SAN gave priority to the operations of the most profitable company for oil and gas as part of this transformation, with spending on areas such as Marine winds and hydrogen And withdrawing from the energy markets in Europe and China.
Like other disciplines of oil and gas, Shell has reduced climate goals and green investments in recent years. However, the company said it is still committed to becoming a clear energy company by 2050.
American oil giants Exxon Mobil Each of the Chevron is to report the profits on Friday, while BP It is appointed to be shown on February 5 and February 11, respectively.
This urgent news story is updated.
