From NBCUniversal:

British oil giant Shell beat expectations for full-year profit, announcing a 4% increase to its dividend and a $3.5 billion share buyback program. Shell reported adjusted earnings of $28.25 billion for full-year 2023, a 29% drop compared to its highest-ever annual profit of $39.9 billion the year prior. The firm also announced a 4% increase in dividend per share for the fourth quarter and a $3.5 billion share buyback program.

Shell CEO Wael Sawan said that the company is finding a balance between delivering energy security today and investing in the energy transition. The company’s commitment to net-zero emissions by 2050 remains unchanged and they have spent $5.6 billion on “low-carbon” projects last year. Net debt was $43.5 billion at the year-end, compared with $40.5 billion at the end of the third quarter.

Analyst Jamie Maddock at Quilter Cheviot says Shell’s results show the company “continues to be resilient.” U.S oil giants Exxon Mobil and Chevron are both scheduled to report earnings on Friday, while European peers BP and TotalEnergies are poised to follow suit next week. Oil prices were higher on Thursday morning, with Brent crude futures traded up 0.6% at $81.07 per barrel and U.S. West Texas Intermediate futures traded 0.7% higher at $76.35 per barrel. Both Brent and WTI contracts fell around 10% in 2023 during a volatile trading year.



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