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 shares rise despite missing Q4 earnings, as dividend increase and buyback showing confidence in refocused strategy.

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

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,