Shell Anticipates Decline in Adjusted Results for Q4 2025
The oil and gas company Shell has released an update note for the fourth quarter of 2025, detailing its current expectations ahead of the final results announcement scheduled for February 5, 2026, according to the statement.
Integrated Gas Division Performance
The Integrated Gas division of the group reported a liquefied natural gas production ranging between 6.8 and 7.2 million tonnes for the quarter, according to the data provided. The indicative refining margins are set between 4 and 5 dollars per barrel, while the natural gas and LNG trading margins are expected to be negative, ranging from minus 100 to minus 200 million dollars. The segment also records depreciation charges estimated between 1.7 and 2.1 billion dollars for the period. The company clarifies that these forecasts exclude identified items, which will be detailed in the full results release.
Upstream Production Estimates
The group's upstream production is expected to reach between 1,730 and 1,810 thousand barrels of oil equivalent per day in the fourth quarter, Shell indicates. This performance, however, includes depreciation charges ranging from 4.6 to 5.0 billion dollars. The group also reports post-tax asset impairments estimated between 1.5 and 2.5 billion dollars, mainly related to its activities in the North Sea and the divestment of Nigerian assets. The underlying operational costs are estimated between 3.3 and 3.7 billion dollars for the quarter, reflecting the management costs of this division.
Marketing Division and Other Segments
In the Marketing division, the volumes of petroleum products are expected to be between 3,300 and 3,700 thousand barrels per day, while the indicative refining margins are anticipated between 6 and 7 dollars per barrel, the company specifies. The Chemicals segment expects margins ranging from 200 to 300 dollars per ton. Shell also indicates that adjustments to the current replacement cost are expected to negatively impact the adjusted results by 200 to 400 million dollars after taxes. The Renewables and Energy Solutions division, meanwhile, records anticipated adjusted results ranging from minus 200 to zero million dollars, reflecting ongoing investments in renewable energies.
