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Shell has reported a 23% decline in net profit for the first half of 2025, citing a sharp drop in energy prices as the primary reason for the fall.
The British oil and gas giant posted a net profit of $8.4 billion for the first six months of the year, down from $10.9 billion during the same period in 2024. Group revenue also declined, slipping nearly 9% to $136.6 billion.
In its earnings report released on Thursday, Shell said the downturn was driven by “lower realised liquids and gas prices”. Chief executive Wael Sawan noted that the company had been navigating a “less favourable macro environment.”
Global energy prices have softened recently due to concerns that President Donald Trump’s new tariffs could dampen global economic growth. At the same time, increased oil output by OPEC+ countries has added to downward pressure on prices.
Despite the weaker earnings, Shell announced plans to buy back $3.5 billion of its own shares, signalling confidence in its long-term strategy. The announcement was made just before trading resumed on the London Stock Exchange.
