Shell (NYSE:SHEL) +3.2% in Thursday's trading despite missing Q4 earnings and revenue estimates, weighed by weaker oil and gas prices and demand, but the company increased shareholder returns in a sign of confidence in its strategy of refocusing on its most profitable sectors.

Shell on Thursday reported a fourth-quarter profit of $3.66 billion, missing estimates, on lower refining margins and lower liquefied natural gas (LNG) trading, while saying it would buy back shares worth $3.

Shell reports Q4 results, with revenue of $66.28 billion. The company announced the start of a share buyback program worth $3.5 billion.

Shell reported a 16% drop in profit for 2024 on Thursday amid weakness in oil and gas prices and in demand, but shares rose after it raised its dividend by 4%. The oil major also announced a $3.5 billion share buyback for the current quarter,