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.

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

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.

British oil giant Shell on Thursday reported a significant drop in annual profit following a year of lower crude prices.