- Shell
- 08 January 2026 08:45:52
Source: Sharecast
Posting its fourth-quarter outlook, the blue chip said it expected the indicative chemicals margin to fall to $140 per tonne from $160 tonne in the previous three months, adding: "The chemicals sub-segment adjusted earnings are expected to be a significant loss, reflecting a non-cash deferred tax adjustment in a joint venture."
As a result, fourth-quarter adjusted earnings across the chemicals and products division are now expected to be "below breakeven".
Trading and optimisation was also forecast to be "significantly lower" than the third quarter.
However, oil-focused upstream production was expected to remain within guidance, for between 1.84m barrels of oil equivalent per day and 1.94m boed. Shell produced 1.83m boed in the third quarter.
Integrated gas production was forecast to come in between 930,000 boed and 970,000 boed, compared to 934,000 boed in the previous quarter.
LNG’s forecast production was narrowed slightly, to between 7.5m tonnes and 7.9m tonnes, although it remained within the previous forecast range of 7.4m to 8m.
As at 0845 GMT, shares in Shell - which is due to post fourth quarter results on 5 February - were down 1% at 2,623.5p.