LONDON: British energy giant Shell on Thursday said its net profit slumped in the second quarter on weaker energy prices and falling gas sales.
Profit after tax came in at $3.13 billion in the April-June period, down 80 percent compared with the second quarter a year earlier when Shell benefited from surging prices.
Net profit had stood at $8.7 billion in the first quarter of 2023, Shell added in an earnings statement.
Shell Petroleum Company intends to sell its stake in Shell Pakistan
“Shell delivered strong operational performance and cash flows in the second quarter, despite a lower commodity price environment,” chief executive Wael Sawan said in earnings statement.
Despite the drop in profits, Shell said it would return $3 billion to shareholders.
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