Quarterly Results
On Thursday February 5th 2026 Shell plc released its fourth quarter results and fourth quarter interim dividend announcement for 2025.
Shell plc Q4 2025 results
Download our latest quarterly results
Quarterly results Q&A session
Quarterly Results Presentation
Read the transcript
Read the transcript
Title: Q4 25 Presentation
Duration: 00:11:37
Description:
Video footage of the presentation of the results of the Q4 2025
[Background music begins]
[Shell’s mnemonic plays]
[Video Footage]
A white background with the Shell logo in the bottom-left corner. A grey outline ripples outwards from the Shell logo. The ripples continue as the logo fades in, becoming more solid and colourful and grey on-screen text appears.
[Text Displays]
Fourth Quarter & Full Year 2025
Results
[Video Footage]
The title is underlined by a yellow line as further text appears.
[Text Displays]
Consistent Delivery with More to Come
Shell plc
5th February 2026
#PoweringProgress
[Video Footage]
The image fades to reveal Wael Sawan and Sinead Gorman standing in a wood-panelled room with the rippling Shell logo on the wall behind.
Wael Sawan
Welcome everyone. Today, Sinead and I will present Shell's fourth quarter and full year 2025 results.
[Video Footage]
Wael turns to the left and a white text box with a yellow accent appears in the bottom-left corner of the screen.
[Text Displays]
Wael Sawan Shell CEO
Wael Sawan
2025 was another year of consistent delivery and real progress. We continued to execute with discipline, and delivered against our targets in service of becoming the world's leading integrated energy company.
As always, safety is a top priority. In 2025, four colleagues tragically lost their lives in our operated businesses. We owe it to them, and everyone who works with us, to learn from these incidents and prevent such tragedies from happening again.
[Video Footage]
The white background returns and footage appears showing Shell employees in different facilities, performing tasks.
Wael Sawan
On process safety, we continue to make encouraging progress with 30% fewer incidents in 2025 compared to the previous year.
[Video Footage]
The footage disappears and we see Wael once more in the studio space.
Wael Sawan
Improving personal and process safety is a continuous journey and will remain our top priority.
[Video Footage]
The footage of Wael shifts to the right and in the space next to Wael a grey text box appears, containing white text, underlined in yellow.
[Text Displays]
More value
Less emissions
Wael Sawan
Turning to our strategy of delivering more value with less emissions.
[Video Footage]
The text box disappears and the footage re-centres on Wael.
Wael Sawan
Last year we beat our ambitious CMD23 targets — and set out important new financial targets at CMD25.
[Video Footage]
The white background with the rippling Shell logo reappears and on it appears a bar chart image with a bar labelled 0 to 7. The section of the bar from 5 to 7 has a pattern of diagonal lines running through it. The key for the bar is $ billion.
[Text Displays]
Structural cost reductions since 2022
Wael Sawan
The first of these financial targets is to deliver structural cost reductions of 5 to 7 billion dollars by the end of 2028.
[Video Footage]
The section of the bar from 0 to 5 fills in yellow.
Wael Sawan
By the end of 2025, we had already achieved 5.1 billion dollars of reductions, with more to come.
[Video Footage]
The background disappears, revealing Wael in the studio once again.
Wael Sawan
Nearly 60% of the structural cost reductions came from operational efficiencies, a leaner corporate centre, and faster value-based decision-making. Achieving this target 3 years early demonstrates the drive of our organisation to deliver.
[Video Footage]
The white background with the rippling Shell logo reappears and on it appears a new bar chart, extending from 20 to 22, with the units in $ billion.
[Text Displays]
2025 Cash capex
Wael Sawan
The next target is disciplined capital allocation within a cash capex range of 20 to 22 billion dollars…
[Video Footage]
The section between 20 and 22 fills in with the diagonal lines, then fills in with yellow up to the 21 marker.
Wael Sawan
…and we ended 2025 in the middle of that range.
[Video Footage]
The background fades and we see Wael in the studio once again.
Wael Sawan
This is about greater discipline and better capital allocation to enhance returns and you see that reflected in tough choices like stopping construction of the biofuels plant in Rotterdam.
[Video Footage]
The footage of Wael shifts to the right and a graphic appears beside him. The graphic shows a hand holding its palm upwards with a flower extending from the palm. The head of the flower contains a dollar sign.
[Text Displays]
>10% nFCF per share growth p.a. through 2030
Normalised FCF 2024 to 2030
Wael Sawan
The third is annual growth in normalised free cash flow per share of over 10% through 2030. We are on track to deliver through a focus on performance and discipline, by turning around underperforming capital — and we continue to focus on shareholder distributions through buybacks.
This brings me to the fourth financial target…
[Video Footage]
The footage of Wael is recentred briefly before shifting to the right again and a graphic appears beside him. The graphic shows a hand placing a dollar coin onto a stack of dollar coins.
[Text Displays]
Distributing 40-50% of CFFO to shareholder through the cycle
Wael Sawan
…shareholder distributions of 40 to 50% of CFFO through the cycle. This remains sacrosanct and in 2025 we delivered at the top end of that range.
[Video Footage]
The footage of Wael is covered by the white background and the two previously seen graphics, along with two new ones, appear in a grey box in the middle. The graphic with the flower now has a footnote numbered one. The box is titled.
[Text Displays]
FINANCIAL TARGETS
[Video Footage]
The new graphics both show a sheet of paper with a dollar sign on them and a graphic representing a bar graph.
[Text Displays]
$5-7 billion structural cost reductions by end 2028²
Cash Capex $20-22 billion p.a. 2025-2028
¹Normalised FCF 2024 to 2030. ²Cumulative from 2022 levels.
Wael Sawan
In short, we are on track to achieve our financial targets, showing that we deliver on what we say we will do.
[Video Footage]
The background fades revealing Wael in the studio once again.
Wael Sawan
Now, turning to our portfolio. In 2025, we executed several deliberate, value-driven decisions to strengthen our businesses.
In Upstream, we completed the divestment of SPDC in Nigeria — the conclusion of a major multi-year effort.
[Video Footage]
The background reappears and footage is superimposed onto it of the Penguins FPSO facility in the middle of the sea, seen from the air, followed by multiple shots of the facility from different angles.
Wael Sawan
We also completed the Adura joint venture in December — which, as of today, is the UK North Sea’s largest independent producer and unlocks additional value.
[Video Footage]
The footage fades and we see Wael in the studio once again.
Wael Sawan
And finally, in Chemicals & Products, we divested our loss-making asset in Singapore and are working to reposition our Chemicals portfolio to unlock further value.
These decisive actions demonstrate our focus on value.
At our CMD25 we also set an aim of growing our LNG sales through to 2030…
[Video Footage]
The footage returns to the screen, now showing an LNG facility in India from a number of angles.
Wael Sawan
…by 4 to 5% per annum — and last year, those sales grew by 11%, supported by the highest number of cargoes delivered in a single year.
[Video Footage]
The footage changes to now show images of LNG Canada.
Wael Sawan
This record was supported by last year's start-up of LNG Canada, where ramp-up to full capacity is continuing.
[Video Footage]
The footage changes to now show images of an LNG vessel moving through the water.
Wael Sawan
Beyond organic growth, we also completed the acquisition of Pavilion Energy last year.
[Video Footage]
The footage fades and we see Wael in the studio once again.
Wael Sawan
We also committed to bring new oil and gas projects online that…
[Video Footage]
The footage of Wael shifts and a grey text box appears containing white text which is underlined in yellow.
[Text Displays]
1 million boe/d at peak production by 2030
Wael Sawan
…at their peak — will add more than 1 million barrels of oil equivalent per day by 2030. And we're progressing well.
[Video Footage]
The footage returns, this time showing images of the Whale facility with text superimposed onto the footage.
[Text Displays]
25% Delivered
Wael Sawan
By the end of last year, we had already started up more than a quarter of that new production.
[Video Footage]
The footage changes to show images of Shell employees working at various facilities as well as aerial footage of the facilities.
Wael Sawan
We have also further strengthened our deep-water position by increasing our interests in the Gulf of America, in Brazil and in Nigeria — and we took Final Investment Decisions…
[Video Footage]
The footage of Wael returns briefly before fading again and being replaced with footage of the Orca facility.
Wael Sawan
…for the Kaikias waterflood in the Gulf of America and for Gato do Mato, now renamed to Orca, in Brazil.
[Video Footage]
The footage of Wael in the studio once again.
Wael Sawan
In addition, we have expanded our footprint for exploration, by acquiring acreage in Angola, South Africa, and the Gulf of America.
Moving now to Marketing, where we continue to high-grade our portfolio.
Last year in Mobility, we closed or divested some 800 lower-performing branded sites.
[Video Footage]
The footage of Wael shifts and a grey text box appears containing white text which is underlined in yellow.
[Text Displays]
Performance
Discipline
Simplification
Wael Sawan
And by focusing on performance, discipline and simplification…
[Video Footage]
The footage changes to show split screen footage of Shell fuel stations from various angles.
Wael Sawan
…both Mobility and Lubricants achieved their best-ever results in 2025.
[Video Footage]
The footage returns to Wael in the studio.
Wael Sawan
And in Power and Low-carbon options, we've continued to high-grade the portfolio through the year, divesting projects like Atlantic Shores and ScotWind, while also diluting parts of the Savion portfolio. These steps are aligning our portfolio with our increased focus on flexible generation and trading.
Turning now to the less emissions part of our strategy.
[Video Footage]
The footage returns, now showing images of a large ship, docked and connected to machinery on the shore. Text appears superimposed over the footage.
[Text Displays]
Invested $10 BILLION
Low-carbon
energy solutions
Wael Sawan
At CMD23, we said we would invest between 10 to 15 billion dollars in low-carbon energy solutions between 2023 and 2025 — which we have delivered on.
[Video Footage]
The footage now displays of the Shell Northern Lights facility from different angles, with employees working. An articulated lorry leaves a depot. A facility with a number of wind turbines, seen from the air.
Wael Sawan
We have created options in Power and Low-carbon, in areas such as CCS and bio-energy. We're now focused on delivering returns on those investments…
[Video Footage]
The footage returns to Wael in the studio once more.
Wael Sawan
…helping our customers to decarbonise and leveraging our trading capabilities.
Last year we also made significant progress against a number of our ETS24 emissions targets.
Starting with our target to halve Scope 1 and 2 emissions…
[Video Footage]
The background returns, with a bar chart extending from 2016 to 2030, with one date marker at either end.
[Text Displays]
Halve scope 1 & 2 emissions
Progress vs. 2030 target
Wael Sawan
…under our operational control by 2030, on a net basis compared with 2016…
[Video Footage]
The bar fills in yellow along the majority of its length.
[Text Displays]
~70%
Wael Sawan
…we have already achieved some 70% of that target.
[Video Footage]
The footage returns to Wael in the studio and a graphic appears beside him. The graphic contains an icon of a cloud with a downward arrow.
[Text Displays]
CO2
Reduce the net carbon intensity (NCI) of the products we sell by 15-20% by 2030
2016 reference year
Wael Sawan
Next, our target to lower the net carbon intensity of the products we sell by 15 to 20% by 2030. We're on track, delivering 9% in 2025 compared with 2016.
[Video Footage]
The graphic fades and is replaced by another the same in appearance but with different text.
[Text Displays]
CO2
Ambition to reduce customer emissions from the use of our oil products by 15-20% by 2030
Compared to 2021
Wael Sawan
Linked to that, we also set an ambition to reduce customer emissions from the use of the oil products we sell by 15 to 20% by 2030 — and we met that ambition, achieving a reduction of 18% in 2025.
[Video Footage]
The graphic fades and is replaced by another the same in appearance but with different text.
[Text Displays]
CO2
Eliminate routing flaring from Upstream operations by 2025
Wael Sawan
2025 was also the year we achieved our target of eliminating 100% of routine flaring from our Upstream operations…
[Video Footage]
The graphic fades and the footage re-centres on Wael.
Wael Sawan
…once again showing that we deliver on what we say.
With that, I will hand over to Sinead, who will tell you more about our financial results and our financial framework.
[Video Footage]
The studio once again with Wael and Sinead standing beside one another.
Sinead Gorman
Thank you, Wael.
[Video Footage]
The shifts to focus on Sinead. A white textbox appears in the bottom left corner.
[Text Displays]
Sinead Gorman Shell CFO
Sinead Gorman
Our financial results in the fourth quarter of 2025 were lower, due to non-cash tax impacts and lower oil prices, which were partly offset by another quarter of strong operational performance.
[Video Footage]
The white background returns and a grey textbox appears with white text, which is underlined in yellow.
[Text Displays]
Q4 2025 Adjusted Earnings
$3.3 BILLION
Sinead Gorman
Our Adjusted Earnings for the quarter were some 3.3 billion dollars.
[Video Footage]
The textbox disappears and is replaced by split screen footage of the Gulf of America facility, seen from different angles as well as a large sea vessel moving through the water.
Sinead Gorman
Upstream delivered a strong quarter in the current price environment and as expected Integrated Gas results returned to more normal, pre-Covid levels…
[Video Footage]
The footage returns to Sinead in the studio.
Sinead Gorman
…as we have outlined in previous quarters.
Marketing results were seasonally lower and further impacted by non-cash tax adjustments in joint ventures.
[Video Footage]
The footage returns, now showing imaged of the Rheinland facility and the Port of Rotterdam.
Sinead Gorman
Products delivered strong results, helped by higher refining margins, partly offset by lower trading, which is typical in the fourth quarter.
[Video Footage]
The footage returns to Sinead in the studio.
Sinead Gorman
And in Chemicals, we continued to face challenges due to both low chemical margins and lower operational performance. Fixing and repositioning this business is a key priority in 2026.
[Video Footage]
The white background returns and a grey textbox appears with white text, which is underlined in yellow.
[Text Displays]
Q4 2025 CFFO
$9.4 BILLION
Sinead Gorman
Turning to cash, Q4 CFFO was robust as we generated 9.4 billion dollars, despite some of the typical year-end payments.
[Video Footage]
The footage returns to Sinead in the studio.
Sinead Gorman
Moving to the 2025 full year. From a macro perspective, Brent prices on average were over 10 dollars a barrel lower than the year before. Despite this, we are proud that our stronger operational performance drove solid financial results in this lower price environment.
[Video Footage]
The white background returns and a grey textbox appears with white text, which is underlined in yellow.
[Text Displays]
2025 Adjusted Earnings
$18.5 BILLION
Sinead Gorman
Full-year Adjusted Earnings were 18.5 billion dollars...
[Text Displays]
2025 CFFO
~$43 BILLION
Sinead Gorman
And we generated close to 43 billion dollars in cash flow from operations, and…
[Text Displays]
2025 FCF
$26.1 BILLION
Sinead Gorman
…we delivered just over 26 billion dollars of free cash flow.
[Video Footage]
The footage returns to Sinead in the studio.
Sinead Gorman
Both Integrated Gas and Upstream had a very strong year operationally, with high controllable availability driving increased production.
[Video Footage]
The footage returns, now showing the Vito and Whale facilities from the air.
Sinead Gorman
In particular, we saw increased contributions from higher-margin Upstream volumes, especially in the Gulf of America and Brazil.
[Video Footage]
The footage changes, now showing a Shell fuel station, then a split screen of Shell employees standing beside an open vehicle engine, and a fuel tanker driving along a long, open road. As well as cars driving into marked bays in a garage.
Sinead Gorman
In Downstream and Renewables and Energy Solutions, Mobility and Lubricants delivered higher margins through increased sales of premium products whilst also reducing operating costs.
[Video Footage]
The footage returns to Sinead in the studio.
Sinead Gorman
As a result, both businesses continued to improve their ROACE year-over-year in 2025…
[Video Footage]
The background returns, now showing a line graph covering the years 2022 to 2025, with two lines representing Mobility and Lubricants. The lines start around the 10% level on the y-axis, before extending in a varying line towards the 20% level.
[Text Displays]
ROACE 2022-2025
Sinead Gorman
…with Mobility increasing to over 15% and Lubricants to over 21%.... and with both achieving their highest-ever contributions to our results.
[Video Footage]
The footage returns to Sinead in the studio.
Sinead Gorman
Chemicals & Products had a mixed year with better refining performance being offset by continued low chemical margins and lower trading and supply contributions.
[Video Footage]
The footage returns, now showing a large facility from the air, as well as wind turbines out at sea.
Sinead Gorman
While our Renewables and Energy Solutions business performed in line with expectations.
[Video Footage]
The footage returns to Sinead in the studio.
Sinead Gorman
Now, moving to our financial framework.
[Video Footage]
The background returns with another line chart, extending from 20 to 22, with a key of $ billion.
[Text Displays]
2026 Cash capex outlook
Sinead Gorman
Our cash capex range for 2026 remains at 20 to 22 billion dollars...
[Video Footage]
The section of the chart from 20 to 22 is filled with diagonal lines then the footage returns to Sinead in the studio.
Sinead Gorman
We continue to maintain a strong balance sheet, with gearing of 21% or 9% excluding leases...
[Video Footage]
The footage shifts to the right and a grey text box containing a graphic appears beside Sinead. The graphic shows a hand placing a dollar coin onto a stack of coins.
[Text Displays]
Distributing 40-50% of CFFO to shareholders through the cycle.
Sinead Gorman
…and our distribution range of 40 to 50% of CFFO remains sacrosanct.
[Video Footage]
The footage shifts back to focus on Sinead.
Sinead Gorman
We continue to deliver compelling shareholder distributions…
[Video Footage]
The footage shifts again and a grey textbox appears beside Sinead containing white text, underlined in yellow.
[Text Displays]
Dividend per share +4%
Sinead Gorman
…and today we announced a 4% increase in our dividend, in line with our progressive dividend policy…
[Text Displays]
Share buyback programme
$3.5 BILLION
Sinead Gorman
…as well as a 3.5 billion dollar share buyback programme, which we expect to complete by our Q1 results announcement in May.
[Video Footage]
The background returns and displays a line graph covering the years 2022 to the end of 2025. The y-axis shows the numbers 0 to 70 in the key of $ billion. A yellow line starts in the bottom left of the graph and extends to the top right corner, stopping between the 60 and 70 levels.
[Text Displays]
Cumulative announced buybacks over
17 QUARTERS
Sinead Gorman
This marks the 17th consecutive quarter in which we've announced 3 billion dollars or more in buybacks.
[Video Footage]
The footage returns to Sinead in the studio.
Sinead Gorman
And with that, I will hand back to Wael.
[Video Footage]
The footage refocuses on Sinead and Wael in the studio.
Wael Sawan
Thank you, Sinead.
[Video Footage]
The footage refocuses on Wael.
Wael Sawan
Before closing out, I want to take a moment to thank our staff for their hard work, their commitment and their delivery across the year.
We are living in a rapidly changing world, but our business model is well positioned for these conditions.
[Video Footage]
The footage returns, showing a split screen of trading and supply facilities from the air, followed by an office space with employees working at computers and a world map on the wall.
Wael Sawan
That confidence is underpinned by our balance sheet strength, which we've improved in recent years through stronger operational performance and disciplined spending.
[Video Footage]
The footage returns to Wael in the studio.
Wael Sawan
This has led to enhanced cash generation.
We’ll continue to focus on what we can control and ensure we are positioned for counter-cyclical opportunities where they might arise and meet our high bar for investment decisions.
[Video Footage]
Footage begins of historic Shell video material showing different versions of the Shell logo and different groups of Shell employees working, smiling and interacting with each other at different facilities. The footage is also interspersed with images of the New York Stock Exchange with a Shell flag flying and robotics.
Wael Sawan
Ultimately, we hope it's clear that you can be sure of Shell. You can trust us to stay value focused and disciplined.
We have entered 2026 as a more resilient organisation. We have raised the bar on operational performance. We are showing more discipline and making great progress to deliver more value with less emissions.
And there's so much more to come. Lower costs; further performance improvements supported by the transformative potential of AI, and a higher-returning…
[Video Footage]
The footage returns to Wael in the studio.
Wael Sawan
…portfolio of world-leading franchise businesses. All of this gives us confidence for the road ahead. Thank you.
[Video Footage]
The white background returns, with text on it.
[Text Displays]
Thank you for your interest in Shell plc. Please understand that an investment in Shell plc securities carries with it risk that you could sustain losses as a result of your investment. Therefore, an investment in Shell plc securities may not be appropriate for all investors. Accordingly, before investing in our securities we urge you to read our Annual Report and Form 20-F and consider the risks discussed within. You can find our full disclaimer on the next slide in this presentation. You can download the full presentation slides, including the disclaimer, and our Annual Report and Form 20-F at www.shell.com/investors
Shell plc February 5th, 2026
[Video Footage]
The image changes to show the definitions and cautionary note.
[Text Displays]
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 or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this presentation refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
This presentation contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”; “aspiration”; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. 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 presentation, 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. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F and amendment thereto for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this presentation and should be considered by the reader. Each forward-looking statement speaks only as of the date of this presentation, February 5, 2026. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this presentation.
Also, in this presentation 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. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.
Shell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.
This presentation may contain certain forward-looking non-GAAP measures such as capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.
The contents of websites referred to in this presentation do not form part of this presentation.
We may have used certain terms, such as resources, in this presentation that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F and any amendment thereto, File No 1-32575, available on the SEC website www.sec.gov
Contacts Media: International +44 207 934 5550; U.S. and Canada: Contact form
Shell plc February 5th, 2026
[Video Footage]
The slide disappears.
The Shell logo sits in the middle of a white background, text appears below it.
[Shell’s mnemonic plays]
[Background music ends]
[Text Displays]
#ShellResults
Copyright SHELL INTERNATIONAL LIMITED 2026