Shell has reported a drop in profits from last years record-breaking results due to energy prices falling.

The energy giant posted profits of $28.2b (£23.3b) in 2023, down 29% from $39.9b (£31.5b) reported in the wake of Russia's invasion of Ukraine in 2022.

Fourth-quarter adjusted earnings came in at $7.3b (£5.8b), well above forecasters expectations of $6b (£4.7b) as liquified natural gas (LNG) offset weaker refining and oil results.

Shell also announced a new $3.5b (£2.8b) share buyback for the next quarter, matching that seen in the previous, while dividends were increased by 4%.

Chief executive Wael Sawan said: "Shell delivered another quarter of strong performance, concluding a year in which we made good progress across the targets outlined at our capital markets day.

"As we enter 2024 we are continuing to simplify our organisation with a focus on delivering more value with less emissions.

"In 2023, Shell returned $23b to shareholders. In line with our progressive dividend policy, Shell is now increasing its dividend by 4%. We are also commencing a $3.5b buyback programme for the next three months."

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