Shell’s adjusted earnings fell more the market expected after its integrated gas division, weak oil prices and low refining margins weighed on its results in the fourth quarter.The oil-and-gas major’s adjusted earnings–a closely watched company metric that strips out certain commodity price adjustments and one-time charges–dropped to $3.

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