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 +20 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 and Partners Initiate Arbitration Over Kazakhstan Fine
SHEL
Legal Proceedings
New Projects/Investments
- Shell, along with other international oil majors, has initiated international arbitration to contest a $5 billion environmental fine imposed by Kazakhstan for alleged breaches of sulfur storage limits at the Kashagan field.
- Shell CEO Wael Sawan stated that this dispute has reduced the company's appetite for further investment in Kazakhstan.
- Shell holds a 16.81% ownership stake in the Kashagan consortium.
- This arbitration is part of a broader set of disputes with Kazakh authorities, with total claims potentially reaching $166 billion.
4 days ago
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.
Feb 5, 2026, 8:23 PM
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.
Feb 5, 2026, 2:30 PM
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.
Feb 5, 2026, 2:30 PM
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.
Feb 5, 2026, 2:30 PM
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.
Feb 5, 2026, 2:26 PM
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%.
Feb 5, 2026, 11:17 AM
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.
Feb 5, 2026, 11:15 AM
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
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