Shell to raise dividends again despite 30% fall in annual profits

Plan to raise shareholder payouts by 4% follows surprise $7.3bn profit in final quarter despite fall in gas prices

Shell will raise its shareholder dividends by 4% this year despite a 30% fall in its full-year profits to $28.3bn (£22.37bn) for 2023 as global oil and gas market prices began to ease.

The oil company handed its shareholders $23bn in payouts last year, and plans to pay a further $3.5bn in share buy-backs over the first quarter of 2024 as its dividend payouts continue to grow.