Shell (NYSE:SHEL) Q4 2025 Earnings call February 05, 2026 09:30 AM ET Company ParticipantsAlastair Syme - Managing DirectorBiraj Borkhataria - Global Head of Energy Transition ResearchHenry Tarr - Director and Co-Head of Energy and Environment ResearchIrene Himona - Managing Director of Oil and GasJosh Stone - Head of European Energy and Equity ResearchLucas Herrmann - Managing DirectorMartijn Rats - Chief Commodity Strategist and Head of European Oil and Gas Equity ResearchMichele Della Vigna - Managing Di ...

Financial Data and Key Metrics Changes - In Q4 2025, adjusted earnings were approximately $3.3 billion, with full-year adjusted earnings reaching $18.5 billion, despite Brent prices being over $10 per barrel lower than the previous year [11][12] - Cash flow from operations (CFFO) for Q4 was robust at $9.4 billion, contributing to nearly $43 billion for the full year, with free cash flow exceeding $26 billion [12][15] - The company achieved structural cost reductions of $5.1 billion by the end of 2025, with a target of $5 billion-$7 billion by 2028 [4][5] Business Line Data and Key Metrics Changes - Upstream operations delivered strong results, particularly in the Gulf of Mexico and Brazil, contributing to increased production and higher margin volumes [12][13] - Integrated gas results returned to pre-COVID levels, while marketing results were seasonally lower due to non-cash tax adjustments [11] - Mobility and lubricants achieved their best-ever results in 2025, with ROACE for mobility increasing to over 15% and lubricants to over 21% [14] Market Data and Key Metrics Changes - LNG sales grew by 11% in 2025, supported by the highest number of cargoes delivered in a single year [6] - The company is well-positioned to meet increasing energy demand, with expectations of a 25% uptick in energy demand between 2025 and 2050 [59] - Despite potential oversupply in the LNG market, the company remains optimistic about long-term demand, particularly in Europe and Asia [66] Company Strategy and Development Direction - The company aims to deliver more value with less emissions, focusing on operational efficiencies and disciplined capital allocation [3][5] - Strategic decisions include divesting non-core assets and focusing on high-margin projects, such as deepwater developments [6][7] - The company plans to invest between $10 billion-$15 billion in low-carbon energy solutions from 2023 to 2025 [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience and ability to navigate a rapidly changing world, emphasizing a focus on performance and capital efficiency [16][17] - The company is committed to maintaining a strong balance sheet and delivering shareholder distributions, with a 4% increase in dividends announced [15] - Management acknowledged challenges in the chemicals sector but is focused on cost reductions and improving performance [44][45] Other Important Information - The company has eliminated 100% of routine flaring from upstream operations, demonstrating commitment to environmental targets [10] - The company is exploring opportunities in new markets, including Iraq, Libya, and Venezuela, while being cautious about capital allocation [60] Q&A Session Summary Question: Concerns about reserve life and portfolio management - Management acknowledged a decline in reserve life but emphasized intrinsic value creation and performance culture as key focuses, with plans to address resource gaps through capital efficiency and high-margin projects [21][24][26] Question: Buyback program considerations - Management confirmed that buybacks are a conscious decision based on capital allocation, with a focus on maintaining a strong balance sheet and shareholder distributions [33][35] Question: Financial impacts of the Adura joint venture - The Adura joint venture is expected to generate considerable dividends, although it is a standalone entity impacting upstream production metrics [40][41] Question: Chemicals sector challenges and restructuring - Management is focused on cost reductions and exploring unit shutdowns in the chemicals sector to achieve free cash flow neutrality amid prolonged down cycles [70][74][75] Question: Trading contributions to ROACE - Trading has contributed positively to the group's ROACE, although it was at the lower end of the expected range in 2025 [77][80] Question: Kazakhstan compensation claims - Management expressed disappointment over the lack of alignment with the government on compensation claims, impacting investment appetite in Kazakhstan [81] Question: Agentic AI deployment and cost savings - The company is deploying agentic AI to enhance operational efficiency and has achieved significant structural cost savings ahead of schedule [84]

Shell (NYSE:SHEL) Q4 2025 Earnings call February 05, 2026 09:30 AM ET Speaker12Welcome to Shell's fourth quarter and full year 2025 financial results announcement. Shell's CEO, Wael Sawan, and CFO, Sinead Gorman, will present the results, then host a Q&A session. If you would like to ask a question, please press star one. If you wish to be removed from the queue, please press star two. We will now begin the presentation.Speaker16Welcome, everyone. Today, Sinead and I will present Shell's fourth quarter and ...

Fourth quarter 2025 results Consistent delivery with more to come February 5, 2026 Shell plc | February 5, 2026 Shell plc Definitions & cautionary note The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this presentation "Shell", "Shell Group" and "Group" are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to Shell plc and its subsidiaries in general o ...

来源：滚动播报 壳牌宣布35亿美元的股票回购计划。 ...

Exhibit 99.2 Shell plc Three and twelve month periods ended December 31, 2025 Unaudited Condensed Financial Report Shell plc Unaudited Condensed Financial Report 1 SHELL PLC 4 QUARTER 2025 AND FULL YEAR UNAUDITED RESULTS th SUMMARY OF UNAUDITED RESULTS Income attributable to Shell plc shareholders, compared with the third quarter 2025, reflected unfavourable tax movements, including the annual (non-cash) reassessment of deferred taxes, lower Marketing margins, lower realised prices and higher operating expe ...

Financial Performance - The company reported an adjusted earnings of $18.5 billion for the year, indicating strong operational performance despite some challenges such as tax adjustments and weakness in the chemicals sector [1] - The company successfully unlocked $43 billion in cash and increased its dividend by 4% this quarter [2] - The company has executed buybacks exceeding $3 billion for 17 consecutive quarters, reflecting a strong financial position [3] Cost Management and Capital Discipline - Over $5 billion in structural costs have been removed from the system, demonstrating effective cost management [5] - The average annual spending has been reduced from $24 billion to $21 billion, showcasing capital discipline [5] Future Strategy and Opportunities - The company aims to enhance returns on capital and is focused on improving performance through AI deployment and harmonizing IT systems [6] - There is a strategic focus on becoming a leading integrated energy company, with an emphasis on capital allocation and flexibility for future investments [7][11] - The company is exploring opportunities in Venezuela, particularly in offshore gas, while maintaining a long-term perspective on investments [17][18] Energy Policy and Market Dynamics - The company acknowledges the importance of energy strategy in national policies and sees a missed opportunity in domestic oil production versus imports in the UK [14][15] - The company has pulled back capital from the UK due to unattractive investment conditions, redirecting it to more promising basins [15] Low-Carbon Focus - The company is shifting its focus in the low-carbon space towards flex assets like battery gas-fired power and low-carbon molecules such as green hydrogen [19][20] - Significant investments are being made in carbon capture and sequestration (CCS), with a recent final investment decision on a major CCS project in Norway [21]

British oil major Shell reported its weakest quarterly profit in nearly five years on Thursday, a slump attributed to a softer crude price environment and unfavorable tax adjustments in the fourth qua... ...

壳牌(SHEL.US)盘前跌近3%，报76.48美元。消息面上，原油价格走低、石油交易表现欠佳加上化工业 务陷入困境，壳牌去年第四季度调整后净利润同比下降11%至32.6亿美元，低于市场普遍预期的35.3亿 美元，更创下自2021年第一季度以来的单季利润最低纪录。这些因素共同对壳牌的盈利状况造成了打 压。期内，营收同比小幅下滑约3.3%至640.93亿美元。尽管如此，壳牌将季度股息上调4%至每股0.372 美元，并开启总额达35亿美元的股票回购计划。(格隆汇) ...

智通财经APP获悉，全球能源巨头壳牌公司(SHEL.US)发布了其2025年第四季度及全年业绩报告。报告数据显示，壳牌第四季度调整后利润达32.6亿美元， 较上一年同期下降了11%。这一数字不仅低于市场此前普遍预期的35.3亿美元，更是创下了自2021年第一季度以来的单季利润最低纪录。原油价格走低、石 油交易表现欠佳以及化工业务陷入困境，这些因素共同对壳牌的盈利状况造成了打压。在营收方面，壳牌Q4总营收为640.93亿美元，与2024年同期的662.81 亿美元相比，小幅下滑了约3.3%。剔除一次性项目影响后，其调整后每股收益为0.57美元，略低于2024年同期的0.60美元，且未达到分析师此前预期的0.69 美元至1.29美元区间。 从全年维度来看，公司2025年实现调整后利润185.3亿美元，较2024年的237.2亿美元显著下滑约22%。即便盈利水平出现明显回撤，壳牌在股东回报方面依 然采取了相对激进的策略。公司宣布将第四季度股息上调4%至每股0.372美元，并同步开启一轮总额达35亿美元的股票回购计划，预计该计划将在下一次季 度业绩公布前完成。 该公司首席执行官瓦尔·萨万表示，公司自2022年底以来已 ...