Shell posts $9.6 billion profit even as energy prices slide

LONDON (AP) — Global energy giant Shell says it earned nearly $10 billion in the first quarter, becoming the latest fossil fuel company to post strong financial results despite sliding oil and gas prices. London-based Shell on Thursday reported adjusted earnings of $9.6 billion in the first three months of 2023, up 5.7% from a year ago. The company says it faced headwinds from higher taxes and lower prices for selling oil and natural gas, as energy prices have eased after spiking following Russia’s invasion of Ukraine last year. Shell says those factors have been offset by cutting operating expenses and better trading results.