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Shell raised its dividend and announced a $8.5 billion share buyback programe after the oil major reported a jump in fourth quarter profit as surging energy prices bolstered performance.
For the three months ended 31 December 2021, adjusted earnings jumped 55% to $6.39 billion from $393 million a year earlier.
Adjusted earnings for the full-year increased to $19.3 billion from $4.85 billion in 2020.
Shell raised its first-quarter interim dividend by 4%, and said it would buy back $8.5 billion worth of shares in the first half of 2022, including $5.5 billion of Permian divestment proceeds.
Compared with the full year 2020, total oil and gas production increased by 3% mainly due to the restart of production at the Prelude floating LNG operations in Australia, and production sharing contract effects, partly offset by field decline, the company said.
Looking ahead to the full-year 2022, capital expenditure was expected to be at the lower end of the $23 billion to $27 billion range.
Upstream production was expected to be approximately 2 million to 2.2. million barrels per day of oil equievalent.
Oil products sales volumes were expected to be approximately 4,100 - 5,400 thousand barrels per day.