LONDON: Shell boosted its dividend and share repurchases on Thursday after its fourth quarter profits soared to $6.4 billion on the back of higher oil and gas prices.
Shell, which moved its headquarters from The Hague to London last month, said it expected to increase its dividend by 4% in the first quarter of 2022.
The company also announced it will buy back $8.5 billion worth of shares in the first half of 2022, including $5.5 billion from the sale of its Permian shale assets in the United States.
That compares with share buybacks totalling $3.5 billion in 2021.
"2021 was a momentous year for Shell," CEO Ben van Beurden said in a statement.
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Fourth-quarter 2021 adjusted earnings rose by 55% from the previous quarter to $6.4 billion, above an average analyst forecast shell provided by the company for a $5.2 billion profit.
That compares with earnings of $393 million a year earlier. For the year, Shell's adjusted earnings rose to $19.3 billion, compared with $4.85 billion in 2020.
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