Shell, TotalEnergies Profits Slump as Oil, Gas Prices Cool After Bumper 2022

Shell, TotalEnergies Profits Slump as Oil, Gas Prices Cool After Bumper 2022
A 3D printed natural gas pipeline is placed in front of displayed Shell logo on Feb. 8, 2022. Dado Ruvic/Illustration/Reuters
Reuters
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LONDON/PARIS—Shell and TotalEnergies reported sharp falls in second-quarter profit from bumper 2022 earnings as oil and gas prices, refining margins, and trading results all weakened.

Oil and gas prices soared last year in the wake of Russia’s invasion of Ukraine but energy prices have dropped sharply this year as fears of shortages eased amid global economic challenges.