Shell annual profit drops to $16 bn as oil prices fall

London (AFP) Jan 30, 2025

British energy giant Shell on Thursday announced a 17-percent drop in annual net profit owing to weaker oil and gas prices as well as asset write-offs. Profit after tax fell to $16.1 billion in 2024, the company said in an earnings statement. Revenue dropped nearly 11 percent to $289 billion in a year that saw Shell backtrack on some key climate targets. Oil prices came under pressur