British oil giant Shell on Thursday reported a significant drop in annual profit following a year of lower crude prices.

British energy giant Shell on Thursday announced a 17-percent drop in annual net profit owing to weaker oil and gas prices as well as asset write-offs. In late 2024, Shell announced it was cutting hundreds of jobs from its oil and gas exploration division to reduce costs.

The energy major said profits fell after a year of operating in ‘a lower price environment’, amid shrinking margins from its oil refining business.