Shell Reports $16 Billion Profit as Oil Prices Decline

The energy giant's annual profit dropped 17% in 2024, prompting a shift in strategy and a focus on shareholder returns.

Shell's net profit for 2024 fell to $16.1 billion, a 17% decline from the previous year, attributed to lower oil and gas prices and asset write-offs.
The company increased its quarterly dividend by 4% and announced a $3.5 billion share buyback program despite the profit drop.
Shell scaled back some climate targets, including reducing its carbon intensity goal for 2030, while maintaining its net-zero emissions pledge by 2050.
CEO Wael Sawan emphasized cost reductions and profitability, achieving $3 billion in structural savings since 2022 and prioritizing oil and gas operations over renewable investments like offshore wind.
Environmental groups criticized Shell for prioritizing shareholder returns while pulling back on renewable energy commitments.