Shell earnings top $5 billion. But that’s nearly half what it pulled in months ago

Shell has reported that it earned nearly $5.1 billion in the second quarter. That’s nearly half what the oil and natural gas giant pulled in during the first three months of the year as energy prices have plunged. The British energy company said Thursday that its adjusted earnings followed lower oil and gas prices, production and trading. The figure was down from $11.5 billion in the same period a year ago and $9.6 billion in the first quarter. Oil and gas prices surged last year after Russia invaded Ukraine, fueling inflation around the world and driving record profits for energy companies, including Shell, British rival BP and others. Prices have since fallen, leading to lower earnings.