Oil giant Shell reported better-than-expected fourth-quarter profits, driven by surging oil and gas prices and announced an $8.5bn share buyback.
Adjusted earnings soared 55% to $6.4bn, well above average analyst forecasts of $5.2bn. Demand for oil and gas has spiked as the global economy recovers from the Covid pandemic.
Annual adjusted earnings rose to $19.3bn, compared with $4.85 billion in 2020.
Cash flow from operations, excluding working capital, hit $11.1bn in the three months to December 31. Net debt was reduced by $4.9bn to $52.6bn.
“We delivered very strong financial performance in 2021, and our financial strength and discipline underpin the transformation of our company,” said chief executive Ben van Beurden.
“Today we are stepping up our distributions with the announcement of an $8.5bn share buyback programme and we expect to increase our dividend per share by around four per cent for the first quarter of 2022.”
