Fuels

Shell Reports Dip in Quarterly Profits

Company has installed more than 70,000 EV public chargers globally a year ahead of schedule, CEO says
Shell gas station
Photograph: Shutterstock

Shell plc experienced a sharp dip in profits in fourth-quarter 2024, with adjusted earnings at $3.7 billion compared to the $6 billion the energy giant posted in third-quarter 2024.

Despite the lower earnings for this quarter, the London-based company declared a $3.5 billion buyback program, making this the 13th consecutive quarter of at least $3 billion of buybacks.

“2024 was another year of strong financial performance across Shell,” CEO Wael Sawan said in a statement. “Despite the lower earnings this quarter, cash delivery remained solid and we generated free cash flow of $40 billion across the year, higher than 2023, in a lower price environment.”

The company reported adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) at $14.3 billion versus third-quarter 2024 EBITDA at $16 billion.

Sawan said the company’s “continued focus on simplification helped to deliver over $3 billion in structural cost reductions since 2022, meeting our target ahead of schedule, whilst also making significant progress against all our other financial targets.”

Turning to electric-vehicle charging, Sawan said on the earnings call with investors that the company has “now installed more than 70,000 EV public charge points globally, achieving yet another aim one year ahead of schedule.”

Shell serves about 8 million customers per day with a brand presence at approximately 12,000 gas stations across 49 states. It owns and operates nearly 200 convenience retail sites. Globally, Shell serves around 32 million customers per day at its mobility sites, who visit for quality fuels, EV charging and convenience and non-fuel products and services.

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