Energy giants post lowered profits in Q2 2023

Energy giants Shell, TotalEnergies and Chevron posted lowered profits in Q2 2023 as commodity prices slump following a high in 2022, Reuters reported on Thursday.

Shell and TotalEnergies both posted adjusted earnings of around USD 5 billion while Chevron posted earnings of USD 5.8 billion.

The figures represent a sharp fall compared to previous earnings, with Shell posting profits of USD 11.5 billion, TotalEnergies posting profits of USD 9.8 billion and Chevron posting profits of 11.6 billion in the same quarter in 2022.

Benchmark Brent crude oil prices averaged USD 80 per barrel in Q2 2023 compared to an average of USD 110 per barrel in Q2 2022.

LNG prices also dropped from USD 33 per million Btu in Q2 2022 to USD 11.75 per million Btu in Q2 2023.