Shell profit misses on lower crude prices, rocky oil trading

Shell Plc fell short of profit expectations as slightly higher production was overshadowed by lower crude prices, a weak oil-trading performance and a struggling chemicals business.

Europe’s largest oil company reported adjusted fourth-quarter net income of $3.26 billion, down 11% from a year earlier and lower than the average analyst estimate of $3.51 billion. Shell maintained its quarterly share buyback of $3.5 billion even as lower oil prices challenge its plan to boost investor returns through 2030.

Investors are increasingly focused on Shell’s growth outlook after Chief Executive Officer Wael Sawan cut costs and shed underperforming assets. His goal to close a large valuation gap with Exxon Mobil Corp and Chevron Corp has gotten harder this year after the shares of the US rivals soared, buoyed by strong production from low-cost oil fields in Guyana, the Permian Basin and Kazakhstan.

Shell’s shares have gone from best performer among the world’s top five oil majors in dollar terms last year to worst so far in 2026.

© 2026 Bloomberg

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