Shell and TotalEnergies reported steep second-quarter (Q2) profit declines, compared to extraordinary gains in 2022, as oil and gas prices, refining margins and trading results narrowed, Reuters reports, according to News.ro.

Oil and gas prices rose last year following Russia’s invasion of Ukraine, but energy prices have fallen sharply this year as fears of shortages eased amid global economic challenges.

Both companies missed earnings forecasts, posting profits of about $5 billion each in the April-June period, down 56% year-on-year for Shell and 49% for TotalEnergies.

However, this was largely in line with Shell’s performance in 2021, while TotalEnergies beat its pre-invasion results.

Shell chief executive Wael Sawan spoke of a “strong operational performance…despite a lower commodity price environment”, while TotalEnergies chief Patrick Pouyanne said the quarter showed “an environment of weaker crude oil and gas”.

Norway’s Equinor on Wednesday reported a 57% drop in second-quarter profits from a year earlier.

Both Shell and TotalEnergies reported a drop in profit from refining crude oil into fuel and chemicals this quarter.