Shell’s 2023 profit drops 30% to $28 billion , boosts dividend by 4%

Shell on Thursday reported a 2023 profit of $28 billion, a 30% drop from the previous year’s record as energy prices and demand cooled, but still allowing the firm to increase its dividend by 4% and extend share repurchases.

The British company’s payouts to shareholders reached around $23 billion in 2023, over 10% of Shell’s market value, highlighting investors’ focus on returns as the sector grapples with an uncertain outlook for fossil fuels.

Shell’s 2023 profits were marked by lower chemicals and refining profit margins and slower fuel sales amid sluggish global economic activity following a blockbuster 2022 fuelled by a surge in energy prices after Russia’s invasion of Ukraine.