British energy giant Shell on Thursday announced a 17-percent drop in annual net profit owing to weaker oil and gas prices as well as asset write-offs. In late 2024, Shell announced it was cutting hundreds of jobs from its oil and gas exploration division to reduce costs.

Shell Plc maintained the pace of its share buybacks even as profit dropped by more than expected and net-debt rose due to weaker trading amid lower oil prices. Most Read from BloombergManhattan’s Morn

Shell has increased its dividend to shareholders despite profits falling last year, after the energy giant was hit by weaker oil prices and lower demand for the fossil fuel.

The energy major said profits fell after a year of operating in ‘a lower price environment’, amid shrinking margins from its oil refining business.