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Shell raises dividend as earnings beat analysts’ forecasts

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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.

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