Core Viewpoint - Shell plc announced an interim dividend of US$ 0.372 per ordinary share for the fourth quarter of 2025, with options for shareholders to receive dividends in US dollars, euros, or pounds sterling [2][3]. Dividend Details - The interim dividend for ordinary shares is set at US$ 0.372, while for American Depositary Shares (ADSs), it is US$ 0.744, with each ADS representing two ordinary shares [3][4]. - Shareholders holding shares through Euroclear Nederland will receive dividends in euros unless a valid election is made [3][4]. - The equivalent dividend payments in pounds sterling and euros will be announced on March 16, 2026 [4]. Dividend Timetable - Announcement date: February 5, 2026 - Ex-Dividend Date for ADSs: February 20, 2026 - Ex-Dividend Date for ordinary shares: February 19, 2026 - Record date: February 20, 2026 - Closing date for currency election: March 6, 2026 - Payment date: March 30, 2026 [6]. Taxation and Reinvestment - Shareholders are advised to consult their tax advisors regarding the tax treatment of dividends [8]. - Dividend Reinvestment Plans (DRIPs) are available for shareholders who wish to reinvest their dividends into purchasing additional shares [9].

Key Takeaways SUBCY secured a contract to transport and install subsea umbilical, riser and rigid flowline at Kaikias.SUBCY said the deal is sizeable at $50-$150M, with infrastructure installed in depths up to 1,650 meters.Project management and engineering start immediately, with offshore work planned to begin in 2027.Subsea7 S.A. (SUBCY) has been awarded a contract by Shell plc (SHEL) for its Kaikias Waterflood project in the Gulf of America. Per the terms of the contract, Subsea7 will be responsible for ...

Core Insights - The report highlights that the US job growth fell short of expectations, leading to a decline in bond yields, with the Dow Jones and S&P 500 indices experiencing volatility after reaching new highs [9][12] - The Hang Seng Index ended a three-day rise, dropping 251 points (0.9%) to close at 26,458 points, with Citigroup maintaining its mid-year and year-end targets for the index at 27,500 and 28,800 points respectively, indicating potential upside of approximately 4% and 9% from current levels [14] - Gold prices surged to historical highs, with central bank demand for gold continuing to rise; China's gold reserves increased by 30,000 ounces in December, marking the 14th consecutive month of growth, totaling an increase of 1.35 million ounces since November 2024 [14] Market Overview - The report notes that the US stock market and commodities are currently strong, suggesting a favorable short-term outlook for risk assets; a strategy of "trend-following but segmented, equity-focused but defensive" is recommended [10] - The report emphasizes the importance of monitoring the Federal Reserve's interest rate decisions and employment data uncertainties [10] - The report suggests a diversified investment approach through ETFs related to AI, semiconductors, resource stocks, and precious metals, while also holding a small number of leading stocks as satellite positions [10] Key Economic Data - The report provides various economic indicators, including the US unemployment rate at 4.6%, the lowest in four years, and a surprising increase in the non-manufacturing PMI to 54.4, the highest since October of the previous year [12][20] - The report also mentions that the Eurozone's unemployment rate was recorded at 6.4% in November, with a producer price index showing a monthly increase of 0.4% and an annual decrease of 1.7% [20] Company Analysis - H&H International Holdings reported a revenue of approximately 7.02 billion RMB for the first half of 2025, reflecting a year-on-year growth of about 5%, with adjusted net profit increasing by 4.6% [21] - Weichai Power's revenue for the first three quarters of 2025 was approximately 170.5 billion RMB, with a year-on-year growth of about 5%, and net profit attributable to shareholders increasing by about 6% [21] - CVS Health Corporation's third-quarter revenue was approximately 102.8 billion USD, showing a year-on-year growth of about 7.8%, driven by recovery in pharmacy and insurance businesses [25]

Core Insights - Diamondback Energy, Inc. (FANG) has indicated a challenging pricing environment for Q4, with declining oil and gas prices impacting revenues [1][8] - The company reported an average realized oil price of $58 per barrel in Q4, down from $64.60 in Q3, reflecting a broader market trend where oil prices fell over 9% in Q4 [2][4] - Natural gas pricing also decreased significantly, with realizations dropping to $1.03 per thousand cubic feet (Mcf) from $1.75 per Mcf in the previous quarter [2][3] Market Context - The pricing challenges faced by Diamondback Energy are part of a larger trend affecting the energy sector, as Brent crude futures fell approximately 19% in 2025, marking the steepest annual decline since 2020 [4][6] - Other major companies, including Exxon Mobil and Shell, have also reported similar concerns regarding lower crude prices impacting their earnings, with Exxon projecting a potential quarterly earnings drop of $800 million to $1.2 billion [5][6] Analyst Expectations - Analysts noted that Diamondback Energy's realized pricing was slightly weaker than anticipated for oil and natural gas liquids, which may pressure Q4 earnings [7] - The outlook suggests that while pricing remains a challenge, expectations have adjusted to reflect a more cautious view of the energy market as producers prepare for the upcoming year [7]

Core Viewpoint - Energy Vault Holdings, Inc. has commenced construction of the SOSA Energy Center, a significant battery energy storage system in Texas, highlighting its commitment to sustainable energy solutions [1] Company Summary - Energy Vault is recognized as a leader in sustainable, grid-scale energy storage solutions [1] - The SOSA Energy Center will feature a capacity of 150 MW and 300 MWh, indicating a substantial investment in energy storage technology [1] - The project was originally developed by Savion, a subsidiary of Shell plc, and was acquired by Energy Vault in the fourth quarter of 2025 under its Asset Vault platform [1]

Core Viewpoint - DNO ASA has secured offtake agreements for its North Sea oil production with Exxon Mobil and Shell, along with related financing facilities totaling up to USD 410 million, enhancing its growth potential in uncertain markets [1][2][3]. Group 1: Offtake Agreements - The agreement with ExxonMobil covers approximately half of DNO's North Sea oil output, with a two-year tenor and a revolving credit facility of up to USD 185 million [2]. - The agreement with Shell covers the remaining half of the output, featuring an initial one-year tenor and a prepayment facility with a European bank of up to USD 225 million [2]. Group 2: Financing Facilities - The offtake agreements with Exxon Mobil and Shell provide significant financing at attractive rates, facilitating growth opportunities for the company [3]. - Combined with a gas offtake agreement with ENGIE SA announced in July, DNO has established financing facilities totaling up to USD 910 million linked to its North Sea oil and gas production [3]. Group 3: Company Background - DNO ASA is a Norwegian oil and gas operator with operations in the Middle East, North Sea, and West Africa, founded in 1971 and listed on the Oslo Stock Exchange since 1981 [4]. - The company holds interests in various onshore and offshore licenses at different stages of exploration, development, and production across several regions, including the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d'Ivoire, and Yemen [4].

Core Viewpoint - The UK Financial Reporting Council (FRC) has initiated an investigation into Ernst & Young LLP's audit of Shell plc's financial statements for potential breaches of audit partner rotation requirements [1][2][3] Group 1: Investigation Details - The investigation was prompted by a disclosure from Shell on July 2, 2025, indicating that EY had found non-compliance with audit partner rotation rules, specifically exceeding the maximum tenure for key audit partners [2] - The FRC's Conduct Committee made the decision to open the investigation during a meeting on October 21, 2025, and it will be managed by the FRC's Enforcement Division [3] - The investigation is focused solely on the statutory auditor or audit firm and does not involve Shell or other parties, with no implication of wrongdoing at this stage [4] Group 2: Regulatory Context - Audit partner rotation rules are intended to ensure auditor independence by limiting the duration senior audit partners can work on the same engagement, particularly for large public interest entities like FTSE-listed companies [5] - The investigation reflects increased regulatory scrutiny of the UK audit market, with the FRC intensifying enforcement actions due to concerns over audit quality and governance failures [6] - This case highlights the growing governance and compliance expectations for oil and gas companies, as they navigate investor scrutiny and complex reporting obligations [7]

Core Insights - Fluor Corporation, in partnership with JGC Corporation, has successfully completed Train 2 of the LNG Canada Project, marking the completion of the first phase of Canada's first LNG mega-project in Kitimat, British Columbia [1][2] Group 1: Project Completion and Significance - The handover of Train 2 demonstrates the commitment to safety, quality, and schedule performance by the workforce involved in the project [2] - The LNG Canada facility is designed to export Canadian natural gas to global markets, emphasizing environmental performance, Indigenous engagement, and economic development in British Columbia [2][3] Group 2: Economic Impact - Over $3.3 billion CAD has been spent on goods and services contracted with Indigenous businesses and joint ventures, along with more than $550 million CAD with local area businesses [2] - The facility has an annual production capacity of up to 14 million tonnes of LNG, benefiting from access to abundant natural gas and an ice-free harbor [3] Group 3: Joint Venture Structure - LNG Canada is a joint venture involving multiple stakeholders: Shell (40%), PETRONAS (25%), PetroChina (15%), Mitsubishi Corporation (15%), and Korea Gas Corporation (5%) [4] Group 4: Company Background - Fluor Corporation has over 75 years of experience in Canada, providing engineering, procurement, fabrication, and construction services for major projects in various sectors [5] - Fluor reported revenue of $16.3 billion in 2024 and is ranked 257 among Fortune 500 companies [6]

Core Viewpoint - Shell plc has initiated exchange offers for six series of USD notes to optimize its capital structure and align its indebtedness with its U.S. business operations [2][3]. Group 1: Exchange Offers Details - The exchange offers involve five series of notes from Shell International Finance B.V. and one series from BG Energy Capital plc, collectively referred to as "Old Notes" [2][3]. - Eligible holders can exchange their Old Notes for a combination of cash and new notes issued by Shell Finance US Inc., which will be fully guaranteed by Shell [2][3]. - The new notes will have similar terms to the Old Notes, including interest rates and maturity dates, with minor exceptions [2][3]. Group 2: Financial Information - The total principal amount of the Old Notes being exchanged is $1,500 million for 3.875% notes due 2028, $2,750 million for 6.375% notes due 2038, $1,000 million for 5.500% notes due 2040, $900 million for 5.125% notes due 2041, $1,250 million for 3.125% notes due 2049, and $1,000 million for 3.000% notes due 2051 [4][5]. - Eligible holders must validly tender their Old Notes in minimum denominations of $1,000 for Shell International Finance Notes and $200,000 for BGEC Notes [6][10]. Group 3: Timeline and Conditions - The exchange offers commenced on November 3, 2025, and will expire on December 3, 2025, unless extended [11]. - To receive the total consideration, eligible holders must tender their Old Notes by November 17, 2025 [11][12]. - The exchange offers are subject to conditions, including the Minimum Size Condition, which must be satisfied for each series of Old Notes [14][17].

Core Points - Shell plc announced an interim dividend of US$ 0.358 per ordinary share for Q3 2025 [1] - Shareholders can choose to receive dividends in US dollars, euros, or pounds sterling [2] - The payment date for the dividend is set for December 18, 2025 [5] Dividend Details - The equivalent cash dividend for American Depositary Shares (ADSs) is US$ 0.716, with each ADS representing two ordinary shares [3][4] - The ex-dividend date for ordinary shares is November 13, 2025, and for ADSs, it is November 14, 2025 [5] - The record date for dividend eligibility is November 14, 2025 [5] Currency Election and Payment - Shareholders holding shares through Euroclear Nederland will receive dividends in euros unless a valid election is made [2] - The closing date for currency election is November 28, 2025, at 11:00 am GMT [6] - The announcement date for pound sterling and euro equivalent payments is December 8, 2025 [5] Dividend Reinvestment Programs - Shell offers Dividend Reinvestment Plans (DRIPs) allowing shareholders to reinvest dividends into additional shares [9] - Shareholders must make a valid election for DRIPs before the close of elections for the next dividend [9]