格隆汇2月5日｜受原油价格下跌、石油交易业务表现疲软以及化工业务持续亏损的影响，欧洲最大的石 油公司壳牌周四公布的第四季度利润未能达到市场预期。根据财报显示，壳牌第四季度调整后的净利润 为32.6亿美元，同比下降11%，且低于分析师平均预期的35.1亿美元。尽管利润下滑，壳牌仍维持了每 季度35亿美元的股票回购计划。首席执行官Wael Sawan正面临日益严峻的挑战，他试图通过削减成本和 剥离低效资产，来缩小与埃克森美孚和雪佛龙等美国对手的估值差距。然而，这一目标在今年变得更加 困难。由于在圭亚那、二叠纪盆地和哈萨克斯坦等低成本油田的强劲产量支撑，其美国竞争对手的股价 近期表现强劲。壳牌的股价已从去年全球五大石油巨头中表现最好的品种，转变为2026年迄今表现最差 的品种。 ...

Core Insights - Adjusted earnings decreased to $3.26 billion from $5.43 billion in the previous quarter [1]

Core Insights - Shell's adjusted earnings for the fourth quarter reached $3.26 billion, a decrease from $3.7 billion in the same period last year, and below the average analyst estimate of $3.5 billion [1] Financial Performance - The adjusted earnings of $3.26 billion represent a year-over-year decline of approximately 12% [1] - The earnings fell short of analyst expectations, indicating potential challenges in meeting market forecasts [1]

Italy's BPER Banca on Thursday reported revenue ahead of its full-year guidance, as it closes in on the acquisition of regional peer Banca Popolare di Sondrio. ...

Financial Performance - Shell reported adjusted earnings of $3.26 billion for Q4 2025, missing analyst expectations of $3.53 billion and a company-provided forecast of $3.51 billion [2] - The company's profit for Q4 2024 was $3.66 billion, and for Q3 2025 it was $5.4 billion, indicating a decline in profitability [2] - For the full year 2025, Shell's adjusted earnings were $18.5 billion, down from $23.72 billion in 2024 [3] Dividend and Share Buyback - Shell announced a 4% increase in its dividend to $0.372 per share and initiated a $3.5 billion share buyback program, marking the 17th consecutive quarter of buybacks exceeding $3 billion [3] Debt and Gearing - At the end of 2025, Shell's net debt was $45.7 billion with a gearing ratio of 20.7%, an increase from $41.2 billion and 18.8% at the end of Q3 2025 [4] Market Environment - The results reflect a challenging market environment with lower oil prices impacting European energy majors, leading to difficult decisions regarding shareholder payouts [4] - Equinor, a competitor, announced significant cuts to share buybacks and investments in response to a 22% drop in Q4 profit, indicating broader industry challenges [5]

Core Viewpoint - Shell plc announced an interim dividend of US$ 0.372 per ordinary share for the fourth quarter of 2025, with options for shareholders to receive dividends in US dollars, euros, or pounds sterling [2][3]. Dividend Details - The interim dividend for ordinary shares is set at US$ 0.372, while for American Depositary Shares (ADSs), it is US$ 0.744, with each ADS representing two ordinary shares [3][4]. - Shareholders holding shares through Euroclear Nederland will receive dividends in euros unless a valid election is made [3][4]. - The equivalent dividend payments in pounds sterling and euros will be announced on March 16, 2026 [4]. Dividend Timetable - Announcement date: February 5, 2026 - Ex-Dividend Date for ADSs: February 20, 2026 - Ex-Dividend Date for ordinary shares: February 19, 2026 - Record date: February 20, 2026 - Closing date for currency election: March 6, 2026 - Payment date: March 30, 2026 [6]. Taxation and Reinvestment - Shareholders are advised to consult their tax advisors regarding the tax treatment of dividends [8]. - Dividend Reinvestment Plans (DRIPs) are available for shareholders who wish to reinvest their dividends into purchasing additional shares [9].

Core Insights - 2025 was a year of accelerated momentum for Shell, achieving strong operational and financial performance with a free cash flow of $26 billion and $5 billion in cost savings since 2022 [1][3] - The company announced a 4% increase in its dividend and a $3.5 billion share buyback, marking the 17th consecutive quarter of buybacks exceeding $3 billion [2][4] Financial Performance - Q4 2025 Adjusted Earnings were $3.3 billion, with Cash Flow from Operations (CFFO) of $9.4 billion, supported by strong performance in Upstream and Integrated Gas despite a lower price environment [2][3] - Full year CFFO for 2025 was resilient at $42.9 billion, with shareholder distributions around 52% of CFFO [3] - The company maintained a strong balance sheet with net debt of approximately $45.7 billion and a gearing ratio of 20.7% [3] Cost Management and Capital Allocation - Structural cost reductions of $5.1 billion were achieved since 2022, with $2 billion delivered in 2025 [3] - Cash capital expenditure for 2025 was $20.9 billion, with an outlook for 2026 set between $20 billion and $22 billion [3] Strategic Portfolio Actions - Significant strategic actions included exits from Nigeria Onshore, Canadian Oil Sands, and Singapore Chemicals & Refinery, while enhancing Integrated Gas and Upstream portfolios through acquisitions [4][13] Segment Performance - Integrated Gas reported Adjusted Earnings of $1.661 billion in Q4 2025, with production of 948 kboe/d and LNG sales volumes of 19.8 MT [5][9] - Upstream Adjusted Earnings were $1.570 billion, with total production of 1,892 kboe/d [5][10] - Marketing segment Adjusted Earnings were $578 million, reflecting seasonally lower volumes [5][11] - Chemicals & Products reported Adjusted Earnings of $(0.066) billion, with a decline in chemicals sales volumes by 22% year-over-year [5][18] Future Outlook - The company anticipates continued strong performance in 2026, with production and sales volumes expected to remain stable [10][11]

Core Insights - 2025 was a year of accelerated momentum for Shell, achieving strong operational and financial performance with a free cash flow of $26 billion and $5 billion in cost savings since 2022 [1][3] - The company announced a 4% increase in its dividend and a $3.5 billion share buyback, marking the 17th consecutive quarter of buybacks exceeding $3 billion [2][4] Financial Performance - Q4 2025 Adjusted Earnings were $3.3 billion, with Cash Flow from Operations (CFFO) of $9.4 billion, supported by strong performance in Upstream and Integrated Gas despite a lower price environment [2][3] - Full-year CFFO for 2025 was $42.9 billion, with shareholder distributions at approximately 52% of CFFO [3] - The company maintained a strong balance sheet with net debt of approximately $45.7 billion and a gearing ratio of 20.7% [3] Cost Management and Capital Allocation - Structural cost reductions of $5.1 billion were achieved since 2022, with an additional $2 billion targeted for 2025 [3] - Cash capital expenditure for 2025 was $20.9 billion, with an outlook for 2026 set between $20 billion and $22 billion [3] Strategic Portfolio Actions - Significant strategic actions included exits from Nigeria Onshore, Canadian Oil Sands, and Singapore Chemicals & Refinery, while enhancing Integrated Gas and Upstream portfolios through acquisitions [4][13] Segment Performance - Integrated Gas reported Adjusted Earnings of $1.7 billion in Q4 2025, with production increasing to 948 kboe/d [9] - Upstream Adjusted Earnings were $1.6 billion, with total production at 1,892 kboe/d [10] - Marketing segment Adjusted Earnings were $578 million, reflecting lower sales volumes [11] - Chemicals & Products reported a loss of $66 million in Adjusted Earnings, impacted by weak margins [14] - Renewables & Energy Solutions maintained external power sales at 72 TWh, with a slight decrease in renewable power generation capacity [15][16] Year-over-Year Comparisons - For FY 2025, Adjusted Earnings were $18.5 billion, down from $23.7 billion in FY 2024, while free cash flow decreased from $39.5 billion to $26.1 billion [18] - Oil and gas production decreased by 1% year-over-year, while LNG liquefaction volumes fell by 2% [18] Upcoming Events - Key upcoming investor events include the LNG Outlook publication on March 16, 2026, and the first quarter 2026 results announcement on May 7, 2026 [20]

Core Insights - Shell plc reported a significant decrease in income attributable to shareholders in Q4 2025, amounting to $4.134 billion, a 22% decline from Q3 2025 and a substantial increase from $928 million in Q4 2024. However, the full year income increased by 11% to $17.838 billion compared to $16.094 billion in 2024 [1][9] Financial Performance Summary - **Quarterly Performance**: Q4 2025 adjusted earnings were $3.256 billion, down 40% from Q3 2025 and down 22% year-over-year. Adjusted EBITDA for the quarter was $12.799 billion, a 13% decrease from Q3 2025 and a 15% decrease from Q4 2024 [1][4] - **Full Year Performance**: For the full year 2025, adjusted earnings were $18.529 billion, a 22% decline from $23.716 billion in 2024. Adjusted EBITDA for the year was $56.135 billion, down 15% from $65.803 billion in 2024 [1][12] Cash Flow Analysis - **Operating Activities**: Cash flow from operating activities in Q4 2025 was $9.438 billion, down 23% from Q3 2025 and down 22% year-over-year. For the full year, cash flow from operating activities was $42.863 billion, a decrease of 22% from $54.687 billion in 2024 [1][13] - **Investing Activities**: Cash flow from investing activities in Q4 2025 was an outflow of $5.2 billion, including capital expenditures of $6.0 billion. For the full year, the outflow was $16.812 billion, with capital expenditures of $20.915 billion [1][14] Debt and Gearing - At the end of Q4 2025, Shell's net debt increased to $45.687 billion from $41.204 billion in Q3 2025, resulting in a gearing ratio of 20.7%, up from 18.8% [1][7] Shareholder Distributions - Total shareholder distributions in Q4 2025 amounted to $5.5 billion, including $3.4 billion in share repurchases and $2.1 billion in cash dividends. The dividend per share for Q4 2025 was $0.372, marking a 4% increase from the previous year [1][8] Segment Performance - **Integrated Gas**: Q4 2025 income was $1.839 billion, down 22% from Q3 2025. Full year income was $8.821 billion, an 8% decrease from 2024 [21][27] - **Upstream**: Q4 2025 income was $3.648 billion, a 114% increase from Q3 2025. Full year income was $9.443 billion, up 22% from 2024 [33][39] - **Marketing**: Q4 2025 reported a loss of $99 million, down significantly from Q3 2025. Full year income was $2.057 billion, a 20% increase from 2024 [46][52] - **Chemicals and Products**: Q4 2025 reported a loss of $560 million, with full year income at $262 million, down 84% from 2024 [58][68] - **Renewables and Energy Solutions**: Most activities were loss-making in Q4 2025, with identified items including impairment charges of $334 million for the full year [76][84] Growth Measures - Renewable power generation capacity in operation increased to 4.2 gigawatts in Q4 2025, a 10% increase from Q3 2025. However, capacity under construction decreased to 1.9 gigawatts, a 26% decline from Q3 2025 [87][89]

Core Insights - The company reported a significant decline in income attributable to Shell plc shareholders in Q4 2025, amounting to $4.134 billion, a 22% decrease from Q3 2025 and a substantial increase from $928 million in Q4 2024 [1][3][11] - Adjusted Earnings and Adjusted EBITDA also saw declines of 40% and 13% respectively compared to the previous quarter, reflecting unfavorable market conditions and increased operating expenses [1][2][4] - The company experienced a cash flow from operating activities of $9.438 billion in Q4 2025, down 23% from Q3 2025, primarily driven by Adjusted EBITDA and working capital inflows [1][5] Financial Performance - Total revenue for Q4 2025 was reported at $66.725 billion, a decrease from $70.410 billion in Q3 2025 [111] - The company’s total debt stood at $75.643 billion, with net debt increasing to $45.687 billion, reflecting a gearing ratio of 20.7% [1][7] - Free cash flow for the quarter was $4.249 billion, with cash capital expenditure at $6.015 billion [1][6] Segment Analysis Integrated Gas - Income for the Integrated Gas segment was $1.839 billion in Q4 2025, down 22% from Q3 2025, driven by lower realized prices and higher operating expenses [22][24] - LNG sales volumes increased by 5% compared to Q4 2024, reaching 19.79 million tonnes [22] Upstream - The Upstream segment reported an income of $3.648 billion in Q4 2025, a significant increase from $1.707 billion in Q3 2025, largely due to gains on asset disposals [34][36] - Total production available for sale increased by 3% compared to Q3 2025, driven by new oil production [34][38] Marketing - The Marketing segment reported a loss of $99 million in Q4 2025, a decline from a profit of $576 million in Q3 2025, attributed to lower marketing margins [46][49] - Cash flow from operating activities was negative at $(75) million, impacted by timing issues related to emissions payments [51] Chemicals and Products - The Chemicals and Products segment reported a loss of $560 million in Q4 2025, influenced by lower margins and higher operating expenses [59][63] - Cash flow from operating activities was $1.775 billion, down from $2.088 billion in Q3 2025 [60][66] Renewables and Energy Solutions - The segment reported a loss of $98 million in Q4 2025, with most activities being loss-making, offset by positive earnings from trading and optimization [77][80] - Cash capital expenditure was $391 million, reflecting ongoing investments in renewable projects [77] Shareholder Distributions - Total shareholder distributions in Q4 2025 amounted to $5.5 billion, including $3.4 billion in share buybacks and $2.1 billion in cash dividends [8] - The dividend per share for Q4 2025 was set at $0.372, with a new share buyback program of $3.5 billion announced [8] Outlook - The company expects cash capital expenditure for 2026 to be between $20 billion and $22 billion, with production estimates for Integrated Gas and Upstream segments projected to remain stable [104][105][106]