Shell Global(US:SHEL) Jing Ji Guan Cha Wang·2026-02-11 15:09Financial Performance - The adjusted profit for Shell in Q4 2025 was $3.26 billion, representing an 11% year-over-year decline and marking a five-year low, primarily due to poor oil trading performance and losses in the chemicals sector [1][2] - The company announced a 4% increase in dividends to $0.372 per share and initiated a $3.5 billion stock buyback program [1][2] Project Development - Shell plans to commence new exploration activities offshore Namibia in April 2026, indicating a return to high-potential frontier basins, which may provide growth opportunities for its upstream business [3] - Capital expenditures for 2026 are expected to remain in the range of $20 billion to $22 billion, with ongoing cost reduction measures [3] Industry Policy and Environment - Investors will focus on the impact of oil price fluctuations, with Brent crude oil prices around $68 per barrel in early 2026, on Shell's cash flow, as well as the progress in improving the chemicals business [4] - The company previously warned that losses in the chemicals sector may persist, necessitating observation of its optimization measures [4]