Shell’s fourth-quarter revenue fell from $66.3bn to $64.1bn with declines in upstream, chemicals and products, and marketing more than offsetting growth elsewhere.
Underlying net profit fell from $3.7bn to $3.3bn. That was below consensus forecasts of $3.5bn with most of the miss due to weaker gas prices as well as softer marketing margins.
Free cash flow was down by about half to $4.3bn, impacted by lower profitability and payment for emissions certificates. Net debt was up $6.9bn to $45.7bn.
Shell declared a $3.5bn quarterly buyback and raised the fourth quarter dividend 4% to $0.372 per share.
Capital expenditure in 2026 is expected to total $20bn-$22bn, in-line with last year.
The shares fell 1.9% in early trading.
Our view
HL view to follow.
Shell key facts
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