Annual profits at energy giant Shell have surged to $17bn as it was boosted by higher oil and gas prices.

The current cost of supplies (CCS) earnings figure compared with a $19.9bn loss a year ago and Shell said it now plans to reward investors with an $8.5bn share buyback programme and 4% hike in dividends for the current quarter.

Chief executive Ben van Beurden said it had been a “momentous year” for Shell.

But the figures prompted Labour to reiterate its call for a windfall tax on North Sea energy firms to support hard-pressed consumers struggling with their bills.

Stripping out one-off costs, Shell’s reported annual earnings were $19.3bn, up from $4.8bn in 2020.

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