LONDON: Royal Dutch Shell on Thursday said its net profit slid by almost one third last year, hit by lower oil prices.

Profit after tax slumped 32 percent to $15.8 billion in 2019 compared with a year earlier, the Anglo-Dutch giant said.

Royal Dutch Shell Chief Executive Officer Ben van Beurden said 2019 witnessed “challenging macroeconomic conditions in refining and chemicals, as well as lower oil and gas prices”.

“We remain committed to prudent capital discipline supported by world-class project delivery and are looking to further strengthen our balance sheet while we continue with share buybacks. Our intention to complete the $25 billion share buyback programme is unchanged, but the pace remains subject to macro conditions and further debt reduction,” he added in the group’s earning statement.