Core Viewpoint - Shell has selected PricewaterhouseCoopers (PwC) as its new auditor, set to replace EY starting in 2027 following a tender process [1] Group 1 - Shell's decision to appoint PwC comes after a competitive tender process [1] - PwC will take over the auditing responsibilities from EY in 2027 [1]

Core Viewpoint - Shell will halt new investments in Kazakhstan due to ongoing legal disputes initiated by the government against the company and other international firms regarding cost disagreements [1] Group 1: Company Actions - Shell's CEO Wael Sawan announced the decision to pause new investments in Kazakhstan [1] - The legal proceedings involve cost disputes that have raised concerns for Shell and other international companies operating in the region [1] Group 2: Industry Implications - The halt in investments may impact the overall oil and gas sector in Kazakhstan, potentially affecting future production and revenue [1] - Ongoing legal challenges could deter other international companies from entering or expanding in the Kazakh market [1]

这一背景很重要，因为壳牌本周公布的最新财务数据显示，尽管该公司一直在奖励投资者，但该公司仍 面临压力。壳牌报告称，2025年第四季度调整后的收益约为33亿美元，低于前几个季度，并低于一些分 析师的预期。该公司将股息提高了约4%，并保持了35亿美元的股票回购，但净债务攀升，收益是近五 年来最疲软的，因为石油和天然气价格下跌以及化学品和产品部门的亏损对业绩造成了压力。 壳牌正在产生足够的现金来让股东满意。然而，如果没有明确的审批和回报途径，它就不足以进行大规 模的新赌注。委内瑞拉的谈判是真实的，如果它导致制裁行动，可能会很大，但这还不是板上钉钉的 事。（小晨编译） 目前尚不清楚任何交易的规模、结构或条款，壳牌的评论并不意味着最终的投资决定已经做出。首席执 行官明确表示，批准仍在等待中，换句话说，这是一个战略考虑，而不是一份签署的合同。 壳牌首席执行官Wael Sawan告诉CNBC，该公司正在积极考虑在委内瑞拉进行数十亿美元的海上天然气 投资，这些投资可能会在未来几年内开始生产，等待监管部门的批准。这些评论标志着迄今为止最明确 的公开信号之一，即壳牌正在考虑在多年的制裁和不确定性之后大举进军委内瑞拉能源资产。 潜 ...

Shell Misses Q4 Profit Expectations And This Other UK Oil Play Is In Breakout Territory | Investor's Business DailyBREAKING: [Dow Jones Tops 50,000, But Nasdaq Below Key Level]---Shell (SHEL) reported mixed fourth-quarter results, with profit missing expectations, as its chemical business and oil trading weighed on results. Meanwhile, fellow U.K. oil play BP (BP) is in a buy zone with its own Q4 earnings due Tuesday. Shell early Thursday announced fourth-quarter earnings fell 5% to $1.14 per share with reve ...

Group 1 - Shell is considering investments in offshore natural gas opportunities in Venezuela, with potential investments amounting to a few billion dollars [1] - Production from these investments is expected to commence within the next couple of years [1]

Core Insights - Shell PLC reported earnings per share of $1.14, missing analysts' expectations of $1.21, with revenue at $64.09 billion, below the forecasted $67.91 billion [1][2] Financial Performance - The recent financial outcomes indicate Shell's weakest quarterly profit in nearly five years, attributed to a decline in crude oil prices averaging around $60 per barrel and unfavorable tax adjustments [2] - Shell announced a 4% dividend increase to $0.37 per share and a $3.5 billion share buyback program, reflecting its commitment to enhancing shareholder value [3] Financial Metrics - Shell's price-to-earnings (P/E) ratio is approximately 15.77, with a price-to-sales ratio of about 0.85, indicating market valuation of its sales and cash flow [4] - The company's debt-to-equity ratio stands at 0.42, suggesting a moderate level of debt, while the current ratio of approximately 1.35 indicates its ability to meet short-term obligations [5] - Net debt increased to $45.7 billion by year-end, with gearing rising to 20.7% from 18.8% [5]

Shell has reported net income of $4.1bn, or $0.71 per diluted share, for the fourth quarter of 2025 (Q4 2025), compared to $928m, or $0.15 per diluted share, for the same period in 2024. Adjusted earnings for Q4 2025 were reported at $3.3bn, reflecting an 11% decline from the previous year and falling short of analyst expectations, which were around $3.5bn. In Q4 2025, income attributable to Shell shareholders included gains from asset disposals, primarily linked to the establishment of the Adura joint ...

来源：滚动播报 壳牌首席财务官就加拿大液化天然气项目表示：我们不会剥离我们高度看好的资产。 ...

Shell (NYSE:SHEL) Q4 2025 Earnings call February 05, 2026 09:30 AM ET Company ParticipantsAlastair Syme - Managing DirectorBiraj Borkhataria - Global Head of Energy Transition ResearchHenry Tarr - Director and Co-Head of Energy and Environment ResearchIrene Himona - Managing Director of Oil and GasJosh Stone - Head of European Energy and Equity ResearchLucas Herrmann - Managing DirectorMartijn Rats - Chief Commodity Strategist and Head of European Oil and Gas Equity ResearchMichele Della Vigna - Managing Di ...

Financial Data and Key Metrics Changes - In Q4 2025, adjusted earnings were approximately $3.3 billion, with full-year adjusted earnings reaching $18.5 billion, despite Brent prices being over $10 per barrel lower than the previous year [11][12] - Cash flow from operations (CFFO) for Q4 was robust at $9.4 billion, contributing to nearly $43 billion for the full year, with free cash flow exceeding $26 billion [12][15] - The company achieved structural cost reductions of $5.1 billion by the end of 2025, with a target of $5 billion-$7 billion by 2028 [4][5] Business Line Data and Key Metrics Changes - Upstream operations delivered strong results, particularly in the Gulf of Mexico and Brazil, contributing to increased production and higher margin volumes [12][13] - Integrated gas results returned to pre-COVID levels, while marketing results were seasonally lower due to non-cash tax adjustments [11] - Mobility and lubricants achieved their best-ever results in 2025, with ROACE for mobility increasing to over 15% and lubricants to over 21% [14] Market Data and Key Metrics Changes - LNG sales grew by 11% in 2025, supported by the highest number of cargoes delivered in a single year [6] - The company is well-positioned to meet increasing energy demand, with expectations of a 25% uptick in energy demand between 2025 and 2050 [59] - Despite potential oversupply in the LNG market, the company remains optimistic about long-term demand, particularly in Europe and Asia [66] Company Strategy and Development Direction - The company aims to deliver more value with less emissions, focusing on operational efficiencies and disciplined capital allocation [3][5] - Strategic decisions include divesting non-core assets and focusing on high-margin projects, such as deepwater developments [6][7] - The company plans to invest between $10 billion-$15 billion in low-carbon energy solutions from 2023 to 2025 [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience and ability to navigate a rapidly changing world, emphasizing a focus on performance and capital efficiency [16][17] - The company is committed to maintaining a strong balance sheet and delivering shareholder distributions, with a 4% increase in dividends announced [15] - Management acknowledged challenges in the chemicals sector but is focused on cost reductions and improving performance [44][45] Other Important Information - The company has eliminated 100% of routine flaring from upstream operations, demonstrating commitment to environmental targets [10] - The company is exploring opportunities in new markets, including Iraq, Libya, and Venezuela, while being cautious about capital allocation [60] Q&A Session Summary Question: Concerns about reserve life and portfolio management - Management acknowledged a decline in reserve life but emphasized intrinsic value creation and performance culture as key focuses, with plans to address resource gaps through capital efficiency and high-margin projects [21][24][26] Question: Buyback program considerations - Management confirmed that buybacks are a conscious decision based on capital allocation, with a focus on maintaining a strong balance sheet and shareholder distributions [33][35] Question: Financial impacts of the Adura joint venture - The Adura joint venture is expected to generate considerable dividends, although it is a standalone entity impacting upstream production metrics [40][41] Question: Chemicals sector challenges and restructuring - Management is focused on cost reductions and exploring unit shutdowns in the chemicals sector to achieve free cash flow neutrality amid prolonged down cycles [70][74][75] Question: Trading contributions to ROACE - Trading has contributed positively to the group's ROACE, although it was at the lower end of the expected range in 2025 [77][80] Question: Kazakhstan compensation claims - Management expressed disappointment over the lack of alignment with the government on compensation claims, impacting investment appetite in Kazakhstan [81] Question: Agentic AI deployment and cost savings - The company is deploying agentic AI to enhance operational efficiency and has achieved significant structural cost savings ahead of schedule [84]