Shell disappoints as Big Oil looks to higher crude prices 

Shell ends the year with a ratio of net debt to equity, or gearing, of over 32%, which is outside comfort levels

The weakness of Shell’s cash flow meant net debt rose from the prior quarter, but the company reiterated its commitment to growing the dividend again, saying its dollar payout for the first quarter will increase by about 4%.

Royal Dutch Shell deepened the disappointment of Big Oil’s fourth quarter, reporting net income that fell short of expectations and weak cash flow.

The company added to the evidence from its peers that much of the industry is still living beyond its means, even after large cuts to dividends and spending. Oil prices have recovered from last year’s lows — rising to a one-year high this week — but Covid-19 lockdowns in countries around the world are still depressing fuel sales and refining margins.