Oil and gas giant Shell plans to spend billions of dollars on a share buyback programme after a strong business recovery last year.
The company on Thursday reported net income of $11.5 billion or $1.50 per share in the fourth quarter of 2021, compared with net loss of $4 billion or $0.52 per share in the same quarter a year earlier.
The company said its fourth-quarter earnings reflected higher contributions from liquefied natural gas (LNG) trading and optimization and higher realized oil, gas and LNG prices.
Income before taxation for the fourth quarter was $16.3 billion compared with loss before taxation of $4.1 billion in the year-earlier period.
Adjusted earnings were $6.4 billion or $0.83 per share in the fourth quarter compared with $393 million or $0.05 per share last year.
Revenue for the quarter nearly doubled to $85.3 billion from $44 billion in the previous year.
Total revenue and other income jumped to $90.2 billion from $45 billion last year.
Additionally, Shell announced a share buyback of $8.5 billion in the first half of 2022. The company intends to complete the buyback by its second-quarter results, which is scheduled for July 28, 2022.