With $28 billion in the bag, Shell’s 2023 profit attests to oil & gas price slump and LNG trading upturn

UK-headquartered energy giant Shell has disclosed strong operating and financial performance for the fourth quarter and the full year 2023. However, the oil major’s annual profit took a tumble in 2023, dropping by 29% on a year-over-year basis, compared to its highest-ever annual profit, which came to almost $40 billion in 2022. The UK player’s 2023 profit bears witness to the shifts in global energy markets, spotlighting the fall in oil and gas prices and the upsurge in LNG trading.