Shell Q4 Earnings Fall 11% Y-o-Y Amid Weak Crude Prices


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Shell announced on Thursday (2/5) adjusted earnings of 
$3.3 billion for the fourth quarter of 2025, an 11% drop compared to the same 
period last year and 40% lower than the prior quarter, driven by weaker crude 
prices and despite higher refining margins.

   A softer macroeconomic environment and lower realized liquids prices 
impacted Shell's operations for the quarter in review. Brent crude prices 
averaged $69 bbl for the full year 2025 from the 2024 average of $81 bbl.

   Realized liquids prices for the integrated gas segment fell to $55 bbl in 
the fourth quarter from $58 bbl in the third quarter. Realized gas prices for 
the same segment slid to $6.80 per thousand standard cubic feet from $7.30.

   Shell's global indicative refining margin for the fourth quarter rose to 
$13.80 bbl, up from $11.60 bbl reported in the prior year. Refinery utilization 
for the quarter was at 95% compared to 96% in the third quarter.

   Upstream production for the quarter reached 1.89 million bpd, an increase 
from the 1.83 million bpd reported in the third quarter. Integrated Gas 
production also saw an increase to 948,000 bpd from 934,000 bpd in the previous 
quarter.

    




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