Shell Flags Weaker Q4 Earnings as Tax Adjustments and Trading Pressures Bite

Shell has issued an update to its fourth-quarter 2025 outlook, signalling softer earnings across several business lines as tax-related adjustments, weaker trading conditions, and lower downstream margins weigh on results. Final results are scheduled for release on February 5, 2026. While production across Shell’s core upstream and integrated gas portfolios remains broadly stable, the company expects group-level adjusted earnings and cash flow to come under pressure compared with earlier quarters. In Int ...