Shell profits dropped by nearly a third as the energy giant adjusted to lower oil and gas prices.

Shell revealed adjusted earnings of $28.3bn (£22.3bn) for 2023, down 29pc from the record $39.9bn (£32.2bn) recorded in the wake of the energy shock triggered by Russia’s invasion of Ukraine.

The oil major also announced a new $3.5bn share buyback for the upcoming quarter, matching the level of the previous three months.

For the fourth quarter, it increased adjusted profits by 17pc to $6.3bn (£5bn).

Chief executive Wael Sawan said: “Shell delivered another quarter of strong performance, concluding a year in which we made good progress across the targets outlined at our Capital Markets Day. As we enter 2024 we are continuing to simplify our organisation with a focus on delivering more value with less emissions.

In 2023, Shell returned $23bn to shareholders. In line with our progressive dividend policy, Shell is now increasing its dividend by 4pc. We are also commencing a $3.5bn buyback programme for the next three months.” 

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