Shell, the world’s largest liquefied natural gas trader, reported fourth-quarter net profit of $3.26 billion, falling below analyst expectations and marking an 11% decline on the year, as lower oil prices pressured earnings. Despite this, the company maintained its quarterly share buyback program.
Adjusted earnings in the quarter trailed the $3.5 billion consensus estimate, representing Shell’s lowest profit since the first quarter of 2021, when net earnings totaled $3.2 billion. Cash flow from operations reached $9.44 billion in the quarter, exceeding the $7.87 billion forecast but still down from $13.16 billion in the same period a year ago.
For the full year 2025, Shell posted adjusted earnings of $18.5 billion, lagging analyst projections and down from $23.72 billion in the previous year. Nonetheless, the company raised its dividend by 4% to $0.372 per share and confirmed a $3.5 billion share repurchase for the next three months—the seventeenth consecutive quarter with buybacks above $3 billion.
These results came as European energy majors manage weaker oil prices and reduced earnings expectations, raising questions about shareholder distributions across the sector. Norway’s Equinor responded to similar conditions by cutting its buyback program to $1.5 billion for this year from $5 billion a year earlier, after fourth-quarter profit dropped by 22%. The company also reduced planned investments in renewables and low-emission projects.
