Shell fourth quarter 2025 update note

What we drew from this source

The claims Via News extracted from this document. We point to the source; we don't replace it.

• Following the formation of the incorporated Adura JV (UK Upstream), future cash flows will be in the form of dividends, with timing determined by the JV

  80% confidence

• The deferred tax impact on Joint Ventures and Associates in Marketing and Chemicals is expected to be approximately $0.3 billion split roughly equally

  80% confidence

• The Chemicals & Products segment adjusted earnings is expected to be below break-even in Q4'25

  80% confidence

• The taxation charge across segments includes the annual non-cash reassessment of deferred tax assets

  80% confidence

• CFFO excluding working capital is expected to include an approximately $1.5 billion outflow related to timing of payments of emissions certificates relating to the German BEHG

  80% confidence

• The Chemicals sub-segment adjusted earnings are expected to be a significant loss, reflecting a non-cash deferred tax adjustment in a joint venture

  80% confidence

• Following swap of Canadian oil sands, there will be a reduction in Chemicals and Products Adjusted Earnings with a corresponding reduction in non-controlling interest for 50% at a Shell Group level

  80% confidence

• Q4'25 Working Capital movements is expected to include the typical approximately $1.2 billion payment of German Mineral Oil Taxes

  80% confidence

• No assurance is provided that future dividend payments will match or exceed previous dividend payments

  80% confidence

• Trading & Optimisation is expected to be significantly lower than Q3'25 for Chemicals and Products

  80% confidence

• Marketing adjusted earnings are expected to be below Q4'24, reflecting a non-cash deferred tax adjustment in a joint venture

  80% confidence

• Trading & Optimisation is expected to be in line with Q3'25 for Integrated Gas segment

  80% confidence

Data points we hold from this source