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.

British oil giant Shell (SHEL) hiked its dividend and set its sights on a $3.5 billion share buyback plan despite posting a significant drop in

Weak oil prices and low refining margins weighed on results, while the energy giant said it would buy back shares worth $3.5 billion.

Shell reported a drop in fourth-quarter profit on Thursday, missing estimates due to lower refining margins and LNG trading, while announcing a $3.5 billion share buyback and a 4% dividend increase. The oil and gas major reported adjusted earnings,