LONDON: British energy giant Shell on Thursday said its net profit slumped in the second quarter on weaker energy prices and falling gas sales.

Profit after tax came in at $3.13 billion in the April-June period, down 80 percent compared with the second quarter a year earlier when Shell benefited from surging prices.

Net profit had stood at $8.7 billion in the first quarter of 2023, Shell added in an earnings statement.

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“Shell delivered strong operational performance and cash flows in the second quarter, despite a lower commodity price environment,” chief executive Wael Sawan said in earnings statement.

Despite the drop in profits, Shell said it would return $3 billion to shareholders.