213
Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Shell raised its dividend as it reported annual profits for 2023 of more than $28bn.
Europe’s largest oil and gas company said on Thursday that adjusted earnings were $28.3bn, down about a third from the record set in 2022 but higher than any other year since 2011.
Shell’s adjusted earnings of $7.3bn in the final three months of the year exceeded average analyst estimates of $6.04bn.
Shell, like most of its rivals, has used bumper profits from the past two years to embark on a huge share repurchasing scheme.
On Thursday, it announced a further $3.5bn of share buybacks and increased its dividend by 4 per cent.