LONDON: Shell said Thursday that profit more than halved in 2023 on lower oil and gas prices, after rocketing to a record the previous year on the Ukraine conflict.

Post-tax profit slumped to $19.4 billion last year from $42.3 billion in 2022, when prices had soared on key energy producer Russia’s invasion of neighbouring Ukraine.

“Full year 2023 income reflected lower realised oil and gas prices, lower volumes, and lower refining margins,” the British energy major said in a results statement.

Revenue dived almost a fifth percent to $316.6 billion.

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The group will nevertheless return $3.5 billion to shareholders.

“Shell delivered another quarter of strong performance, concluding a year in which we made good progress,” said chief executive Wael Sawan in the earnings release.

“As we enter 2024 we are continuing to simplify our organisation with a focus on delivering more value with less emissions.”