Oil Giant Shell Raises Dividend Despite Full-Year Profit Miss

British oil giant Shell On Thursday reported a significant Drop in Annual Profit, Citing Higher Explation Write-Offs, Lower Trading Margins and Weaker Crude Pries Over the Final Three Monts of the year.

Shell Posted Adjusted Earnings of $ 23.72 billion for the full-year 2024, compared to annual duty of $ 28.25 billion A year earlier.

Analysts Had Expected Shell’s Full-Year 2024 Net Profit to come in at $ 24.71 billion, according to an lseg-commission consensus. A separate forecast from analysts polled by Vara Research Expected full-Year Profit to come in at $ 24.11 billion.

The Energy Major Posted Weaker-That-Aneticipated Adjusted Earnings of $ 3.66 Billion for the Final Quarter of 2024.

Shell Announced a 4% Increase in Dividend Per Share and Launched Another Share Buyback Program of $ 3.5 billion, which is expected to be completes over the next month.

Speaking to cnbc’s “Squawk Box Europe” On Chiursday, Shell Ceo Wael Sawan described 2024 as a “very strong year,” One which Gave the company a platform ”

Asked Whether it was time for shell to move its listing from longon to new york to close the Valuation gap on its us peers, Sawan said the firms “Always Reviewer Listings and The Likkhe.”

However, “There is no live discusation at the moment on this in Shell Mususe Our Number One Priority is to make sure that we unlock the full potential of this company,” Sawan noted.

The World’s Top Oil and Gas Companies Have Seen Profits Fall from Record Levels in 2022when russia’s full-scale invasion of ukraine prompted international benchmark brent crude to jump to jump to Nearly $ 140 A Barrel,

Oil prises have minutes cooled amid Faltering Global DemandWith Brent Crude Futures Averagging $ 80 a Barrel in 2024. That was about $ 2 a barrel less than the previous year, according to the Us energy information administration,

In a Trading update on Jan. 8, Shell Trimmed Its Liquefied Natural Gas (LNG) Production Outlook for the Final Three Months of 2024 and Warned That Trading Results for its chemicals and oil products, wonder Er “on a Quarterly Basis.

Shares of the London-LISTED Company Traded 0.7% Higher at 8:10 AM London Time.

Shell’s full-Year Results come as the company enters the final stretch of its so-caalled “first sprint. “The strategy, which was launched in 2023 and runs to the end of this year, aims to close the Valuation Gap with us peers by boosting the Major’s Profitability.

Shell Ceo Wael Sawan has prioritized the firm’s more profitable oil and gas operations as part of this shift, while cutting spoiled on area such as offshore wind and hydrogen and withdrawing from power markets in Europe and China,

Like other Oil and Gas Majors, Shell has Watered Down climate targets And green investments in recent years. The company, however, have said it remains committed to becoming a net-zero energy business by 2050.

Us oil giats Exxon Mobil and Chevron Are bot Scheduled to report earnings on Friday, while european peers Totalenergies and Bp Are set to follow suit on Feb. 5 and Feb. 11, respectively.