This story requires a subscription
This includes a single user license.
The UK-based firm said its adjusted earnings reached $3.26 billion in the fourth quarter, down compared to $3.66 billion in the comparable quarter in 2024.
Adjusted earnings dipped 40 percent compared to $5.4 billion in the prior quarter.
For the full year 2025, Shell’s adjusted earnings dropped 22 percent to $18.53 billion.
Income attributable to Shell shareholders reached $4.13 billion in the fourth quarter, up from $928 million in the comparable quarter of 2024 and a 22 percent increase from $5.32 billion in the prior quarter.
Compared with the prior quarter, income attributable to Shell shareholders reflected unfavourable tax movements, including the annual (non-cash) reassessment of deferred taxes, lower marketing margins, lower realised prices, and higher operating expenses, Shell said.
In 2025, income attributable to Shell shareholders rose 11 percent to $17.84 billion.
Shell said the income reflected lower realised liquids and LNG prices, lower trading and optimisation, and lower chemicals margins, partly offset by higher volumes, lower operating expenses, favourable tax movements, and higher marketing margins.
“2025 was a year of accelerated momentum, with strong operational and financial performance across Shell. We generated free cash flow of $26 billion, made significant progress in focusing our portfolio and reached $5 billion of cost savings since 2022, with more to come,” CEO Wael Sawan said.
“In Q4, despite lower earnings in a softer macro, cash delivery remained solid and today we announce a 4 percent increase in our dividend and $3.5 billion share buyback, making this the 17th consecutive quarter of at least $3 billion of buybacks,” he said.
LNG sales
The company sold 19.79 million tonnes of LNG in October-December last year, a rise from 15.50 million tonnes of LNG in the same period in 2024.
LNG sales rose 5 percent compared to 18.88 million tonnes in the prior quarter.
Shell sold 72.94 million tonnes of LNG last year, a rise of 11 percent compared to 65.82 million tonnes in 2024.
Moreover, liquefaction volumes of 7.89 million tonnes in the fourth quarter were higher compared to 7.06 million tonnes in the same quarter in 2024.
Liquefaction volumes were 7 percent higher compared to 7.29 million tonnes in the third quarter of 2025.
Shell said that liquefaction volumes increased compared to the prior quarter mainly due to lower maintenance across the portfolio and LNG Canada ramp-up.
For the full year 2025, liquefaction volumes dropped 2 percent to 28.42 million tonnes.
According to Shell, 2025 liquefaction volumes decreased mainly due to ownership restructuring in Trinidad and Tobago, and higher maintenance across the portfolio, partly offset by LNG Canada ramp-up.
Shell expects liquefaction volumes to be approximately 7.4–8 million tonnes in the first quarter of this year.
The company’s total oil and gas production rose to 984,000 barrels of oil equivalent per day in the fourt quarter compared to 905,000 barrels of oil equivalent per day in the third quarter in 2025.
It rose 2 percent compared to 934,000 barrels of oil equivalent per day in the prior quarter.
Compared with the previous quarter, total oil and gas production increased mainly due to ramp-up in Canada, Shell said.
In 2025, total oil and gas production reached 934,000 barrels of oil equivalent per day, down 2 percent compared to the year before mainly due to natural field decline across the portfolio, it said.
Integrated gas earnings drop
Shell’s integrated gas segment reported adjusted earnings of $1.66 billion in the fourth quarter and $8.02 billion in 2025.
The quarterly result dropped compared to $2.17 billion in the same period in 2024 and $2.14 billion in the prior quarter, while the full-year result decreased 30 percent compared to $11.4 billion in 2024.
Compared with the third quarter 2025, the fourth-quarter adjusted earnings reflected unfavourable tax movements ($260 million), lower realised prices (decrease of $163 million), and higher operating expenses (increase of $147 million), partly offset by higher volumes (increase of $101 million), Shell said.
Last month, Shell announced that it expects trading and optimization results for its integrated gas business in the fourth quarter of 2025 to be in line compared with the previous quarter.
The 2025 earnings reflected the combined effect of lower contributions from trading and optimisation and lower realised prices (decrease of $3,034 million), higher depreciation, depletion and amortisation expenses (increase of $407 million), and lower volumes (decrease of $250 million), partly offset by lower well write-offs (decrease of $252 million), and favourable tax movements ($102 million), it said.