Shell has revealed its 2024 earning were down $4.6billion (£3.69billion) on the year before.
Data published this morning shows the energy giant earned $23.7billion (£19.06billion) across its global operations in 2024, down from $28.3billion (£22.75billion) in 2023.
But the firm also announced a 4% dividend increase and a $3.5billion (£2.81billion) share buyback programme after a "strong" fourth quarter report.
In figures announced this morning, the energy giant revealed "solid", $40billion (£32.16billion) free cash flow generation across the full year despite lower earnings in the final quarter.
It is also "ahead of schedule" in its focus on "simplification", delivering more than $3billion (£2.41billion) in structural cost reductions since 2022.
Wael Sawan, Shell plc chief executive officer, said: "2024 was another year of strong financial performance across Shell.
"Despite the lower earnings this quarter, cash delivery remained solid and we generated free cash flow of $40billion (£32.16billion) across the year, higher than 2023, in a lower price environment.
"Our continued focus on simplification helped to deliver over $3billion (£2.41billion) in structural cost reductions since 2022, meeting our target ahead of schedule, whilst also making significant progress against all our other financial targets1.
"Today, we announce a 4% increase in our dividends and another $3.5billion (£2.81billion) buyback programme, making this the 13th consecutive quarter of at least $3billion (£2.41billion) of buybacks, all whilst further strengthening our balance sheet this year to position us well for the future.
"We will outline the next steps in our strategy to deliver more value with less emissions at our Capital Markets Day in March."