Shell Chemical Business Set to Swing to a Loss in Q4

Group 1 - Shell's chemicals and products division is expected to report a loss in Q4 2025 due to lower chemicals margins compared to Q3 2025 [1][2] - The indicative chemicals margin for Shell decreased to $140 per ton in Q4 from $160 per ton in Q3 2025, leading to significant losses in the chemicals sub-segment [2] - The integrated gas division is expected to maintain trading and optimization levels similar to Q3, while refining margins are projected to increase to $14 per barrel in Q4 from $12 per barrel in Q3 2025 [3] Group 2 - Shell reported adjusted earnings of $5.4 billion for Q3 2025, a decrease from $6 billion in the same quarter last year, but above the consensus estimate of $5.09 billion [4] - Cash flow from operations (CFFO) reached $12.2 billion, exceeding the forecast of $11 billion, although it was lower compared to the previous year due to declining oil prices [4] - Analysts suggest that if oil prices remain at or below $60 per barrel, Shell and other supermajors may need to reduce share buybacks [5]