Shell misses profit expectations, but keeps buyback pace

Shell missed fourth-quarter profit expectations on Thursday with an 11 per cent drop to the lowest level since early 2021 amid weaker oil prices, but kept its bumper share buyback programme.

Shareholders of oil majors have become used to huge buybacks, but lower oil and gas prices ahead of an expected crude and liquefied natural gas glut have prompted speculation they might be reduced, especially at European firms.

Shell has bought back about a quarter of its stock in the last four years...