Shell's Latest Results Disappoint, But External Factors Merit A Rating Upgrade

Core Insights - Shell plc (SHEL) reported disappointing Q4 and full-year results for 2025, particularly in its upstream segment, which has been adversely affected by lower oil and gas prices [1] - The company's reliance on its largely unprofitable renewable energy segment continues to be a concern [1] Financial Performance - The upstream segment's struggles are attributed to declining oil and gas prices, impacting overall profitability [1] - The results indicate a need for Shell to reassess its strategy in both upstream and renewable energy sectors [1]