The shell logo is displayed in Texas Austin on May 3, 2024.
Brandon Bell | Getty Image News | Getty image
Thursday, British oil giant shell reported that the annual profit of low oil prices has dropped significantly over a year.
Shell recorded $ 237.2 billion in 2024 compared to the previous year’s annual profit.
According to the LSEG development agreement, analysts expect Shell’s net profit to earn $ 24.7 billion in 2024.
In the last quarter of 2024, Energy Major recorded $ 36.6 billion in revenue.
Shell announced another $ 3.5 billion stock repurchase program and is expected to be completed for the next three months.
Wael Sawan’s CEO WAEL SAWAN said, “Despite the low income, cash delivery was maintained solid, and it created a $ 40 billion free cash flow for one year higher than 2023 in a low price environment.”
“If we continue to focus on simplification, we have made a significant progress against all other financial goals by providing a reduction in structural costs of more than $ 3 billion since 2022.”
The world’s best oil and gas companies have shown that their profits have decreased at the 2022 record level, which triggered international benchmark Brent crude oil to nearly $ 140 per barrel due to the full -fledged Ukrainian invasion of Russia in 2022.
According to the US Energy Intelligence Service, Brent’s crude oil futures have been weakened in the world, and Brent crude oil futures were $ 80 per barrel in 2024, about $ 2 per barrel.
In the January 8 trading update, Shell warns that the results of LNG production for the last three months in 2024 and the transaction results of chemicals and petroleum products are expected to be significantly lower.
The stocks of London listed companies increased by 4.8% year -on -year.
‘First Sprint’
As the company enters the last stretch of the so -called “First Sprint”, the overall result of Shell is achieved. The strategy, which began in 2023 and proceeded until the end of this year, aims to increase the profitability of the major and to bridge the evaluation gap with US colleagues.
Shell CEO Wael Sawan has designated the company’s profitable oil and gas operation as a priority as part of this shift, reducing spending on regions such as offshore wind and hydrogen and withdrew from Europe and China’s development markets.
Like other oil and gas majors, Shell has defeated climate goals and green investment in recent years. However, the company said it is doing its best to become a net zero energy business by 2050.
American oil giant Exxon Mobile And Chevron will report income on Friday, and European colleagues are with TotalEnergies Bp The lawsuit will be filed on February 5 and February 11, respectively.
This braking news article is updating.
