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Shell’s profit dropped to $1.38 billion from $6.15 billion

For the fourth quarter, Shell’s profit on a net current-cost-of-supplies basis dropped to $1.38 billion from $6.15 billion in the preceding three-month period, reflecting lower refining margins, margins from crude and oil products trading, and higher operating expenses. Still, the London-based energy giant said Thursday that it would buy back $3.5 billion in shares this quarter and hiked its fourth-quarter dividend by 20% to 34.40 cents a share, in line with its promise of lofty shareholder returns despite slipping commodity prices. The oil-and-gas major posted $20.28 billion in full-year profit measured on a net current-cost-of-supplies basis—a metric similar to the net income that U.S. oil companies report. This compares with $41.56 billion in 2022 when oil and gas prices soared after Russian invaded Ukraine.

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