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International Business Times UK
International Business Times UK
Pragati Singh

Shell Reports 2023 Profits of $28.25 Billion Amid Market Shifts

Shell Oil Wael Sawan Greenpeace Natural Gas
Shell's annual figures revealed a robust performance in the gas sector. (Credit: Reuters)

Oil and gas giant Shell reported a dip in profits below the record highs of 2022, totalling $28.25 billion (£22.32 billion) in 2023 as energy prices remained elevated.

The company's shift towards trading more in liquefied natural gas (LNG) and increased production offset reduced earnings from refining and oil trading, along with higher operating costs.

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