Oil giant Shell saw profits tumble by nearly a third in 2023 as a result of lower oil and natural gas prices, which had surged the year before in the wake of Russia's invasion of Ukraine. In a statement Thursday, London-based Shell said its post-tax earnings fell 29%, to $28.3 billion from the previous year's all-time high of $40 billion. The main reason behind the decline was the fall in energy prices, with oil trading at an average of $82 a barrel against $100 the year before. Exxon Mobil's fourth-quarter revenue and profits declined along with the price of oil, and the energy giant was weighed down by a hefty impairment charge tied to regulatory issues in California. Here is how gas prices in Nebraska are doing.

Source: Daily Sun February 04, 2024 13:45 UTC