Shell (SHEL LN) sees 4Q marketing adjusted earnings below 4Q 2024, sees 4Q chemicals & products segment adjusted earnings below break-even; sees 4Q indicative refining margin at USD 14/bbl (vs USD 12/bbl in Q3 2025)

Newsquawk Staff · 8 Jan 2026, 07:25 UTC

sees 4Q upstream output 1.84- 1.94mln BOE/D (vs 1.832mln in Q3 2025)

What it means

Shell's projections indicate a significant downturn in 4Q performance, with adjusted earnings across the marketing and chemicals & products segments expected to fall below breakeven. The guidance for a slight increase in upstream output suggests operational resilience, but the overall earnings outlook raises concerns about margins and demand, which could impact broader investor sentiment in the energy sector.

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