Oil giant Shell posts weakest quarterly profit in nearly five years, keeps buybacks steady

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British oil major Shell

on Thursday reported its weakest quarterly profit in nearly five years, amid a weaker crude price environment and unfavorable tax adjustments in the fourth quarter.

Shell posted adjusted earnings of $3.26 billion for the quarter, missing analyst expectations of $3.53 billion, according to an LSEG-compiled consensus. A separate, company-provided analyst forecast had put Shell’s expected fourth-quarter profit at $3.51 billion.

It marks Shell’s weakest quarterly result since the first three months of 2021, when adjusted earnings came in at $3.2 billion.