Profits at oil giants are declining, partially due to lower gas prices: Track gas price changes in New York

Oil giant Shell saw profits tumble by nearly a third in 2023 as a result of lower oil and natural gas prices, which had surged the year before in the wake of Russia’s invasion of Ukraine.

In a statement Thursday, London-based Shell said its post-tax earnings fell 29%, to $28.3 billion from the previous year’s all-time high of $40 billion.

The main reason behind the decline was the fall in energy prices, with oil trading at an average of $82 a barrel against $100 the year before.

Exxon Mobil’s fourth-quarter revenue and profits declined along with the price of oil, and the energy giant was weighed down by a hefty impairment charge tied to regulatory issues in California. Still, it posted a healthy adjusted profit and the company raised its quarterly dividend.

Here is how gas prices in New York are doing.