British energy giant Shell on Thursday said its net profit slid 23 per cent in the first six months of the year, hit by lower oil and gas prices.

Profit after tax dropped to $8.4 billion compared with $10.9 billion in the first half of 2024, Shell said in an earnings statement.

Group revenue dropped nearly nine per cent to $136.6 billion in the reporting period.

Shell pointed to “lower realised liquids and gas prices”, while chief executive Wael Sawan said the company had been operating “in a less favourable macro environment”.

Energy prices have come under pressure in recent months on concerns that US President Donald Trump’s tariffs will hurt economic growth, while OPEC+ nations have produced more oil.

Ahead of the stock market reopening in London, Shell on Thursday added that it planned to repurchase $3.5 billion of shares.