Shell Game: Shell Shareholders Pocket $28.2 Billion in 2023 Profits as Company Backs Off Clean Energy Promises

WASHINGTON, D.C. – Today, Shell, one of the world’s five largest investor-owned oil companies, reported $7.3 billion in Q4 profits, rewarding shareholders with $2.2 billion spent on dividends and $3.9 billion on stock buybacks. In total, Shell made $28.2 billion in 2023. These billions in profits come just three months after Shell announced plans to lay off 200 workers from their “low-carbon solutions” unit – after abandoning its goal of net-zero carbon emissions by 2050. In June, Shell announced it would maintain its current oil outputs through 2030.

“Pocketing profits and doubling down on fossil fuel production while cutting investment in clean energy is the ultimate political Shell game. Shell laid off 200 clean energy workers and is now reporting $28.2 billion in profits with no cost-cutting measures for American families at the pump,” said Climate Power’s senior advisor for oil and gas, Alex Witt. “It’s no wonder that Big Oil is funding climate denier Donald Trump’s campaign. Trump promises to gut clean energy jobs in favor of an all-in policy on fossil fuels. Shell has already laid off clean energy workers to pad its profits, we don’t need a climate denier in the White House who will continue to put Big Oil ahead of lowering costs for American families.

President Biden’s climate plan is moving the U.S. away from reliance on corrupt oil and gas corporations and toward a booming clean energy economy. If elected, Donald Trump has promised to gut President Biden’s historic climate investments, giving Big Oil license to keep polluting. In the year since the clean energy plan became law, businesses have announced 211,350 new clean energy jobs in 45 states and Puerto Rico, totaling $310 billion in new investments for local economies, with more announced every day.