Shell plc publishes fourth quarter 2025 press release

Contributing sentiments towards policy:

67% : Shell's Net Carbon Intensity Also, in this announcement, we may refer to Shell's "net carbon intensity" (NCI), which includes Shell's carbon emissions from the production of our energy products, our suppliers' carbon emissions in supplying energy for that production and our customers' carbon emissions associated with their use of the energy products we sell.
57% : It also includes the production and marketing of hydrogen; development of commercial carbon capture and storage hubs; investment in nature-based projects that avoid or reduce carbon emissions; and Shell Ventures, which invests in or works with start-ups and other early-stage businesses to help them scale-up and grow.
52% : * CFFO excluding working capital of $8.2 billion with tax paid of $2.6 billion and a $0.8 billion net outflow related to the timing impact of payments for emissions certificates and biofuel programmes.
52% : MARKETING * Adjusted Earnings were lower than in Q3 2025, reflecting seasonally lower volumes and a (non-cash) deferred tax adjustment in a joint venture.
52% : * Adjusted Earnings were lower than in Q3 2025, reflecting seasonally lower trading and optimisation, continued weak Chemicals margins and a (non-cash) deferred tax adjustment in a joint venture.
51% : There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell's products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions.
49% : INTEGRATED GAS * Adjusted Earnings were lower than in Q3 2025, reflecting higher tax charges.
46% : Includes $1.4 billion payments for the Brennstoffemissionshandelsgesetz (Fuel Emissions Trading Act), excludes the payment of German Mineral Oil Taxes.

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