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(Bloomberg) -- 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.

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Chief Executive Officer Wael Sawan partly attributed the under-performance to the expiry of some liquefied natural gas hedging contracts, something that affects profit but not cash flow. Shell’s cash generation was strong and the company had a “tremendous year,” he said in an interview with Bloomberg TV on Thursday.

London-based Shell is the first oil and gas major to report fourth-quarter earnings, which were expected to be weaker across the board for an industry that has been buffeted by faltering demand and gloomy forecasts. Such a volatile price environment can make it particularly hard for analysts to judge the performance of oil majors’ trading businesses, which can make a large contribution to earnings but are opaque in their operations.

The profit miss reflected “a larger loss than expected in chemicals, and weaker oil trading,” RBC analyst Biraj Borkhataria said in a note.

Shell continued its buybacks at a pace of $3.5 billion a quarter and raised its dividend by 4%, as expected. Most of its peers are also predicted to maintain investor returns, covering any shortfall in their free cash flow with fresh borrowing. BP Plc may be the exception, having warned last year that buybacks could be cut.

Shares of the company were little changed at 2,614 pence as of 8:36 a.m. in London trading.

See also: Big Oil Earnings Slump Puts Payouts to Investors Under Pressure

Shell’s adjusted net income for the period was $3.66 billion, down from $7.31 billion a year earlier, according to a statement. That missed the average analyst estimate of $4.36 billion.

The miss was a result of a broadly weaker performance across multiple parts of the energy giant’s global business. The company cited higher exploration write-offs, lower margins from crude and oil products trading, and weaker liquefied natural gas trading.

“Strong cash generation” was a bright spot in what were otherwise “relatively soft earnings,” RBC’s Borkhataria said. Cash flow from operations was $13.16 billion for the period, almost $2 billion more than expected.

Sawan noted that Shell has completed “the 13th consecutive quarter of at least $3 billion of buybacks.” Net-debt rose to $38.81 billion, up from $35.23 billion in the prior period, although still low by historical standards.