(Reuters) – Shell announced a lower profit on Thursday than expected for the fourth quarter, the oil major having been affected by the decline in refining margins and trading in liquefied natural gas (LNG), while announcing a repair plan actions worth $ 3.5 billion (3.36 billion euros).
The company reported an adjusted profit of $ 3.66 billion in the quarter ending December 31, against $ 7.31 billion in the same period of the previous year.
Analysts anticipated an adjusted profit of $ 4.09 billion for the period according to a Vara Research consensus.
Since his arrival at the head of the company two years ago, the director general Wael Sawan has set out to reduce costs and redirect Shell to his most profitable sectors, namely oil, gas and biofuels , and to turn away from renewable energies.
The main oil and gas companies in the world recorded a drop in their profits throughout 2024, after having recorded record profits in the previous two years, due to the stabilization of energy prices and the weakening of global oil demand.
(Written by Arunima Kumar in Bangalore; Mara Vîlcu, edited by Blandine Hénault)
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