Shell on Thursday reported an 11 per cent increase in net profit for 2025, helped by higher production volumes and lower costs that offset weaker oil and gas prices. The British energy major said profit after tax rose to $17.84 billion, up from $16.1 billion in the previous year.
Energy prices came under pressure during the year amid concerns that U.S. President Donald Trump’s tariff policies could slow global economic growth, compounded by increased output from OPEC+ producers. Prices later rebounded briefly on heightened geopolitical tensions involving Iran before easing again as tensions subsided.
Despite the rise in net profit, Shell said its underlying earnings fell 22 per cent to $18.53 billion, while fourth-quarter profit declined 22 per cent from the previous quarter to $4.1 billion. Chief Executive Officer Wael Sawan said cash generation remained “solid” in the final quarter despite lower earnings.
Shell also announced a higher dividend and a new $3.5 billion share buyback programme. The company has recently scaled back its renewable energy investments, including exiting two North Sea offshore wind projects, as it refocuses on its core oil and gas business.
