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.

Profit after tax fell to $16.1 billion in 2024, the company said in an earnings statement.

Revenue dropped nearly 11 percent to $289 billion in a year that saw Shell backtrack on some key climate targets.

Oil prices came under pressure from weakness in the Chinese economy while the cost of gas has fallen heavily since soaring after the invasion of Ukraine by energy producer Russia.

In late 2024, Shell announced it was cutting hundreds of jobs from its oil and gas exploration division to reduce costs.

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