British oil giant Shell on Thursday 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 the full-year 2023, a 29% drop compared to its highest-ever annual profit of $39.9 billion the year prior.
Analysts had expected Shell's full-year 2023 net profit to come in at $27.5 billion, according to an LSEG-compiled consensus.
Shell announced a 4% increase in dividend per share for the fourth quarter and said a share buyback program of $3.5 billion will be carried out over the next three months.
The firm added it had now completed another $3.5 billion of share buybacks announced in November last year.
Persons:
Shell, Wael Sawan, Sawan, Brent
Organizations:
Shell, Brent, U.S, West Texas Intermediate, Exxon Mobil, Chevron, BP
Locations:
Nakuru, Kenya, British, London, Singapore