Shell's 2023 profit falls 30% to $28 billion, buybacks extended

London: Shell on Thursday reported a 2023 profit of $28 billion, down 30 per cent from the previous year's record as oil and gas prices cooled, and increased its dividend by 4 per cent.

Shell's fourth-quarter adjust earnings, its definition of net profit, reached $7.3 billion, with strong liquefied natural gas (LNG) trading results offsetting weaker refining and oil trading results.

The quarterly earnings, which exceeded analysts' expectations of a $6 billion profit, compared with record quarterly earning of $9.8 billion a year earlier and $6.2 billion in the third quarter of 2023.