壳牌2025年业绩下滑，启动股票回购并上调股息

Financial Performance - In Q4 2025, the adjusted profit was $3.26 billion, a decline of 11% year-on-year, marking the lowest since Q1 2021; revenue was $64.093 billion, down 3.3% year-on-year [1] - For the full year 2025, the adjusted profit was $18.53 billion, a decrease of 22% compared to 2024 [1] - The company announced a 4% increase in the Q4 dividend to $0.372 per share and initiated a $3.5 billion stock buyback plan, expected to be completed before the next quarterly earnings announcement [1] Operational Performance - The chemical sector reported a loss in Q4, while the natural gas and upstream businesses maintained stable profitability [2] - Capital expenditures for 2026 are projected to remain in the range of $20 billion to $22 billion, with ongoing cost reduction strategies that have saved $5.1 billion since the end of 2022 [2] - The company had previously warned on January 8 that Q4 oil trading performance had "significantly deteriorated," and the chemical sector faced losses [2] Industry Environment - Brent crude oil prices fell by 18% in 2025 but rebounded to approximately $68 per barrel at the beginning of 2026; geopolitical events, such as the situation in Venezuela, may impact oil price volatility [3] - As the world's largest liquefied natural gas trader, the company’s Canadian LNG project commenced production in 2025, with global demand expected to grow by about 60% by 2040 [3]