Shell recorded lower-than-expected profits in 2024, with earnings dropping from $28 billion to $24 billion, primarily due to lower oil and gas revenues. The company also reported cost savings of $3 billion and announced a 4% dividend increase alongside a $3.5 billion share buyback.
However, its renewable energy division, which includes solar, wind, and hydrogen, posted a quarterly loss of around $300 million, mainly due to lower-than-expected profits from green electricity. Shell had previously warned in January that the unit’s value would decline by over $1 billion. The company also announced in December that it would scale back offshore wind investments, citing financial challenges, including those related to a US offshore wind project.
