Earnings summaries and quarterly performance for Shell.
Research analysts who have asked questions during Shell earnings calls.
BB
Biraj Borkhataria
Royal Bank of Canada
9 questions for SHEL
Also covers: BP, CVX, E +3 more
CK
Christopher Kuplent
Bank of America
9 questions for SHEL
Also covers: BP, EQNR, TS +1 more
LR
Lydia Rainforth
UBS
8 questions for SHEL
Also covers: BP, E, EQNR +1 more
Martijn Rats
Morgan Stanley
8 questions for SHEL
Also covers: BP, E, EQNR +1 more
Michele Della Vigna
Goldman Sachs
8 questions for SHEL
Also covers: BP, E, EQNR +2 more
Lucas Herrmann
BNP Paribas
7 questions for SHEL
Also covers: BP, CVX, TTE
RT
Ryan Todd
Simmons Energy
7 questions for SHEL
Also covers: BP, COP, CVX +9 more
AS
Alastair Syme
Citigroup
6 questions for SHEL
Also covers: BP, COP, CVX +4 more
DL
Doug Leggate
Wolfe Research
6 questions for SHEL
Also covers: APA, AR, BP +23 more
IH
Irene Himona
Sanford C. Bernstein
6 questions for SHEL
Also covers: BP, E, EQNR +1 more
PC
Paul Cheng
Scotiabank
6 questions for SHEL
Also covers: APA, BP, CLNE +20 more
PL
Peter Low
Redburn Atlantic
6 questions for SHEL
Also covers: , BP, E +3 more
Kim Fustier
HSBC
5 questions for SHEL
Also covers: BP, E, EQNR +1 more
Joshua Eliot Stone
UBS
4 questions for SHEL
Also covers: BP, E, OMVKY
Giacomo Romeo
Jefferies
3 questions for SHEL
Also covers: BP, E, EQNR +1 more
Henry Tarr
Berenberg
3 questions for SHEL
Also covers: , BP, E +2 more
Josh Stone
UBS
3 questions for SHEL
Also covers: BP
Matthew Lofting
JPMorgan
3 questions for SHEL
Also covers: BP, E, EQNR +2 more
ML
Matt Lofting
JPMorgan Chase & Co.
3 questions for SHEL
Also covers: BP, E, EQNR +1 more
DG
Douglas George Blyth Leggate
Wolfe Research
2 questions for SHEL
Also covers: APA, BP, COP +18 more
JG
Jason Gabelman
TD Cowen
2 questions for SHEL
Also covers: BP, CLMT, CLNE +19 more
JS
Joshua Stone
UBS Group AG
2 questions for SHEL
Also covers: BP, E, OMVKY
Mark Wilson
Jefferies
2 questions for SHEL
Also covers: BP, FTI, KOS
RR
Roger Read
Wells Fargo & Company
2 questions for SHEL
Also covers: APA, AR, BP +22 more
AR
Alastair Roderick Syme
Citi
1 question for SHEL
LR
Lydia Rose Emma Rainforth
Barclays
1 question for SHEL
MP
Matthew Peter Charles Lofting
JPMorgan Chase & Co.
1 question for SHEL
Recent press releases and 8-K filings for SHEL.
Shell pauses Kazakhstan investments amid multibillion legal disputes
SHEL
Legal Proceedings
New Projects/Investments
- Shell has paused further investment in Kazakhstan due to government legal claims that could cost oil majors billions.
- The disputes include a lost Karachaganak arbitration that could expose Shell and partners to as much as $4 billion, alongside larger claims tied to the Kashagan project, estimated at roughly $13 billion or $13.5 billion.
- Shell's CEO, Wael Sawan, stated the company will "hold until we have a better line of sight" regarding future investments in the country.
7 days ago
Shell Reports Q4 and Full Year 2025 Results, Exceeds Cost Reduction and LNG Sales Targets
SHEL
Earnings
Share Buyback
New Projects/Investments
- Shell reported adjusted earnings of $3.3 billion for Q4 2025 and $18.5 billion for the full year 2025, with cash flow from operations (CFFO) of nearly $43 billion and free cash flow of over $26 billion for the full year.
- The company achieved $5.1 billion in structural cost reductions by the end of 2025, reaching its $5-$7 billion target three years early, and ended 2025 within its $20-$22 billion cash CapEx range.
- Shell announced a 4% increase in its dividend and a $3.5 billion share buyback program for Q1 2026, marking the 17th consecutive quarter of buybacks of $3 billion or more, and delivered shareholder distributions at the top end of its 40%-50% of CFFO target in 2025.
- LNG sales grew by 11% in 2025, exceeding the 4%-5% per annum target through 2030, and the company started up over a quarter of its new oil and gas production target of 1 million barrels of oil equivalent per day by 2030.
- The chemicals business continues to face challenges due to low margins, with management prioritizing its repositioning and identifying hundreds of millions in cost and CapEx reductions for 2026.
8 days ago
Shell Announces Strong Full Year 2025 Results and Shareholder Returns
SHEL
Earnings
Share Buyback
Dividends
- Shell reported full year 2025 adjusted earnings of $18.5 billion and cash flow from operations of close to $43 billion, with free cash flow just over $26 billion.
- The company achieved $5.1 billion in structural cost reductions by the end of 2025, reaching the lower end of its $5 billion-$7 billion target by 2028 three years early.
- Shell announced a 4% increase in its dividend and a $3.5 billion share buyback program for Q1 2026, marking the 17th consecutive quarter of $3 billion or more in buybacks.
- LNG sales grew by 11% in 2025, exceeding the target of 4%-5% per annum through 2030, supported by the startup of LNG Canada and the acquisition of Pavilion Energy.
- The company maintained a strong balance sheet with gearing at 21% (or 9% excluding leases) and ended 2025 within its disciplined cash CapEx range of $20 billion-$22 billion.
8 days ago
Shell Reports Strong Q4 and Full-Year 2025 Results, Exceeding Cost Reduction Targets
SHEL
Earnings
Dividends
Share Buyback
- Shell reported Q4 2025 adjusted earnings of $3.3 billion and full-year 2025 adjusted earnings of $18.5 billion, generating close to $43 billion in cash flow from operations and over $26 billion in free cash flow.
- The company achieved $5.1 billion in structural cost reductions by the end of 2025, nearing its $5-$7 billion target by 2028 three years early. Cash CapEx for 2025 was within the $20-$22 billion range, which is maintained for 2026.
- Shareholder distributions in 2025 were at the top end of the 40%-50% of CFFO range, supported by a 4% dividend increase and a new $3.5 billion share buyback program.
- Key strategic moves in 2025 included the divestment of SPDC in Nigeria and a loss-making chemicals asset in Singapore, the acquisition of Pavilion Energy, and the startup of over a quarter of new oil and gas production targeting 1 million barrels of oil equivalent per day by 2030.
8 days ago
Shell Announces Q4 2025 Interim Dividend and Share Buyback Program
SHEL
Dividends
Share Buyback
- Shell plc declared a Q4 2025 interim dividend of US$0.372 per ordinary share and US$0.744 per ADS.
- The ex-dividend date for ordinary shares is February 19, 2026, the record date is February 20, 2026, and the payment date is March 30, 2026.
- The company also commenced a $3.5 billion share buyback programme, with an aggregate term of approximately three months, intended to reduce the issued share capital and be completed before the Q1 2026 results announcement.
8 days ago
Shell plc Announces Q4 and Full Year 2025 Results
SHEL
Earnings
Dividends
Share Buyback
- Shell plc reported Income attributable to Shell plc shareholders of $4,134 million for Q4 2025 and $17,838 million for the full year 2025, an 11% increase compared to full year 2024. However, Adjusted Earnings for the full year 2025 decreased by 22% to $18,529 million.
- Cash flow from operating activities for the full year 2025 was $42,863 million, a 22% decrease from 2024, with free cash flow at $26,052 million.
- The company declared a dividend per share of $0.372 for Q4 2025 and completed $3.4 billion in share buybacks during the quarter, announcing a new $3.5 billion buyback program expected to be completed by the first quarter 2026 results announcement.
- Net debt at the end of Q4 2025 increased to $45,687 million from $38,809 million at the end of 2024, resulting in a gearing of 20.7%.
8 days ago
Shell Reports Q4 Earnings and Full-Year Results
SHEL
Earnings
Dividends
Share Buyback
- Shell reported adjusted fourth-quarter net income of $3.26 billion, an 11% year-on-year decrease, with full-year adjusted earnings at $18.5 billion.
- The company maintained its $3.5 billion quarterly buyback and raised the dividend by approximately 4%, despite net debt and gearing rising to roughly 20.7%.
- Management attributed the results to weaker crude prices, a poor oil-trading performance, losses in its chemicals business, and adverse tax adjustments.
- Shell's Q4 earnings per share were $1.14 and quarterly revenue was $64.09 billion, down about 3.3% year-on-year.
- The company's 2026 capital spending guidance remains unchanged at $20 billion to $22 billion.
8 days ago
Shell plc Completes Share Buy-back Programme in January 2026
SHEL
Share Buyback
- Shell plc purchased a total of 15,206,325 shares for cancellation across various venues in January 2026.
- These share purchases were part of an existing buy-back programme that was announced on 30 October 2025 and concluded on 30 January 2026.
- Merrill Lynch International independently managed the trading decisions for this buy-back programme.
Feb 2, 2026, 7:25 PM
Shell Considers Divesting Argentina Vaca Muerta Assets
SHEL
M&A
New Projects/Investments
- Shell is weighing a partial or full sale of its stakes in Argentina’s Vaca Muerta shale play, with packages of assets that could fetch billions of dollars.
- The company operates four majority-stake blocks in the Neuquén Basin, which produced approximately 15.6 million barrels in 2024.
- This potential divestment follows a broader portfolio review and a decision not to progress with the initial phase of an Argentina LNG project.
- Some of Shell’s producing assets in Vaca Muerta are commercially resilient, with a break-even point of about $50 per barrel of Brent.
Jan 23, 2026, 5:03 AM
Shell-backed Avnos Predicts Strong 2026 Hybrid DAC Demand
SHEL
New Projects/Investments
Guidance Update
- Avnos, a company developing Hybrid Direct Air Capture (HDAC) systems, predicts strong demand for its technology in 2026, driven by AI data centers and industrial decarbonization.
- Shell is a key partner, contributing to over $100 million in public and private funding for Avnos, and is providing project financing for Project Cedar, Avnos's first commercial-scale HDAC facility, which is expected to come online in late 2026.
- Avnos's HDAC technology captures CO2 while producing clean water, utilizes low-grade waste heat, and reduces total energy use by more than 50% compared to heat-based DAC.
- The market for durable carbon removal is accelerating, with purchases increasing from 8 million tons in 2024 to 25 million tons in 2025.
Jan 20, 2026, 4:00 PM
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