Fourth quarter 2025 results Consistent delivery with more to come February 5, 2026 Shell plc | February 5, 2026 Shell plc Definitions & cautionary note The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this presentation "Shell", "Shell Group" and "Group" are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to Shell plc and its subsidiaries in general o ...

Core Insights - Adjusted earnings decreased to $3.26 billion from $5.43 billion in the previous quarter [1]

Core Insights - Shell's adjusted earnings for the fourth quarter reached $3.26 billion, a decrease from $3.7 billion in the same period last year, and below the average analyst estimate of $3.5 billion [1] Financial Performance - The adjusted earnings of $3.26 billion represent a year-over-year decline of approximately 12% [1] - The earnings fell short of analyst expectations, indicating potential challenges in meeting market forecasts [1]

Core Viewpoint - Shell plc announced an interim dividend of US$ 0.372 per ordinary share for the fourth quarter of 2025, with options for shareholders to receive dividends in US dollars, euros, or pounds sterling [2][3]. Dividend Details - The interim dividend for ordinary shares is set at US$ 0.372, while for American Depositary Shares (ADSs), it is US$ 0.744, with each ADS representing two ordinary shares [3][4]. - Shareholders holding shares through Euroclear Nederland will receive dividends in euros unless a valid election is made [3][4]. - The equivalent dividend payments in pounds sterling and euros will be announced on March 16, 2026 [4]. Dividend Timetable - Announcement date: February 5, 2026 - Ex-Dividend Date for ADSs: February 20, 2026 - Ex-Dividend Date for ordinary shares: February 19, 2026 - Record date: February 20, 2026 - Closing date for currency election: March 6, 2026 - Payment date: March 30, 2026 [6]. Taxation and Reinvestment - Shareholders are advised to consult their tax advisors regarding the tax treatment of dividends [8]. - Dividend Reinvestment Plans (DRIPs) are available for shareholders who wish to reinvest their dividends into purchasing additional shares [9].

Core Viewpoint - Vaalco Energy, Inc. has announced the sale of its non-core producing properties in Canada for approximately CAD 35.0 million (USD 25.6 million), with the effective date being February 1, 2026, and expected closure within 30 days, subject to customary conditions [1][2] Financial Summary - The Canadian properties have a current working interest production of approximately 1,850 barrels of oil equivalent per day (BOEPD) [1] - The sale price of CAD 35.0 million is equivalent to 2.7 times the trailing 12 months operational cash flow of approximately USD 9.7 million for the Canadian assets [2][10] Strategic Focus - The company aims to concentrate on its core assets that present significant drilling campaigns and growth potential, having generated CAD 82 million (USD 64 million) in operational cash flow since the acquisition of the Canadian assets [2] - The decision to sell the Canadian assets is aligned with the company's strategy to focus on high-quality assets with substantial development opportunities [2] Company Background - Vaalco Energy, Inc. is an independent energy company based in Houston, Texas, with a diverse portfolio of production, development, and exploration assets across several countries including Gabon, Egypt, Côte d'Ivoire, Equatorial Guinea, and Nigeria [3]

Group 1 - European stocks are expected to open flat to lower, with the U.K.'s FTSE and Germany's DAX projected to decline by 0.25% [1] - A busy day of earnings reports in Europe includes major companies such as Shell, BBVA, BNP Paribas, and BMW among others [2] - The European Central Bank and Bank of England are set to publish their monetary policy decisions, with no changes expected to current interest rates [2] Group 2 - Global markets have faced turbulence, with Wall Street experiencing a second consecutive day of losses, particularly in software stocks [3] - S&P 500 futures rose following corporate earnings reports, including results from Alphabet, with Amazon's quarterly results expected soon [3] - In Asia-Pacific markets, South Korean stocks led declines, reflecting the tech sell-off trends from Wall Street [3] Group 3 - Data releases in Europe include German factory orders, French industrial production, and EU retail sales [4]

Vi e w p o i n t | Refining margins remain elevated compared to late 2025 but they should compress further because of (1) potential oil supply disruptions or purchase diversion away from Russian oil, (2) higher y/y refinery capacity growth and capacity availability, such as possibly more robust Russian refinery operation despite hits by Ukraine, and (3) looser fundamentals of gasoline relative to middle distillates. Surging gasoline inventories are pressuring gasoline crack spreads, but gasoil and jet fuel ...

Core Viewpoint - Oil prices are experiencing volatility due to geopolitical tensions and ongoing negotiations between the U.S. and Iran regarding nuclear and military issues, with market reactions reflecting deep distrust between the two nations [1][3][6]. Group 1: Oil Price Movements - Oil prices fell on Tuesday despite a winter storm impacting crude production and refineries on the U.S. Gulf Coast [1] - U.S. crude oil decreased by 1.4% to $64.26 per barrel, while global benchmark Brent also fell by 1.4% to $68.49 per barrel [2] - Prices dropped again on Thursday following the announcement of talks between Washington and Tehran, although analysts warn that markets may be over-interpreting diplomatic signals [3] Group 2: Geopolitical Tensions - U.S. President Trump has indicated potential military action against Iran if negotiations fail, contributing to market uncertainty [3] - Analysts suggest that the buildup of U.S. military assets in the region indicates a higher likelihood of conflict, which is reflected in the oil price premium [5] - The potential for Iran to threaten oil tankers in the Strait of Hormuz poses a significant risk to oil supply and could lead to price spikes [7] Group 3: Market Sentiment and Risks - The oil market is reacting to the fluctuating nature of U.S.-Iran talks, with analysts noting the fragile state of diplomatic relations [6] - Citi analysts highlight that while immediate risk premiums have eased, concerns about upside risks remain due to U.S. actions and uncertainties regarding Indian purchases of Russian oil [8] - Market positioning indicates ongoing supply concerns, with near-term oil trading at a premium and traders paying for protection against higher prices [9]

Back to Market on Close. I'm Marley Caden here in Chicago alongside Sam Bodis at the New York Stock Exchange. We'll close out today's show like we usually do with some thoughts on the session.This morning, we got new data from payroll firm ADP showing that private sector employers added just 22,000 jobs in January. That was far below expectations and a sharp slowdown from December. Wage growth did remain relatively healthy, but hiring was concentrated in health care and in education, while manufacturing and ...

Core Viewpoint - Exxon Mobil Corporation is a leading player in the oil and gas industry, with a new price target set by BMO Capital at $155, indicating a potential increase of 7.8% from its current trading price of $143.78 [1][6] Group 1: Stock Performance - The stock has recently increased by $5.38, representing a 3.89% rise, bringing it closer to the new price target [2][6] - The stock's price has fluctuated between $138.31 and $145.01, with $145.01 being the highest price over the past year, reflecting volatility common in the energy sector [2] - Exxon Mobil's market capitalization is approximately $606.34 billion, indicating its substantial size and influence in the industry [3] Group 2: Investor Activity - The trading volume of 32.82 million shares indicates strong investor interest and activity, which can impact the stock's price movement [3] Group 3: Strategic Developments - Exxon Mobil is resolving a dispute with Sintana Energy Inc. regarding the VMM-37 block in Colombia, which involves cash payments totaling $9 million contingent on certain conditions [4] - This resolution could positively impact Exxon Mobil's operations in Colombia, enhancing its exploration and production capabilities in the region [5][6]