SHEL Filings — Shell Plc

SHEL Filings — Shell Plc - FilingSpy

20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗

Shell's operating income fell 45.9% in Q2 2025 as lower commodity prices and refining margins compressed earnings across all segments.

Shell's earnings fell sharply in the first half of 2025, driven by a broad decline in commodity prices and refining margins. dropped 9.8% to $65.4 billion in Q2 2025, while fell 45.9% to $6.0 billion, compressing the by 6.1 percentage points to 9.1%. The company is entering a lower-price environment with a cost-cutting program underway, but the pace of the decline is testing the resilience of its cash returns.

Key takeaways

fell 45.9% to $6.0 billion in Q2 2025, as lower realized oil and gas prices and a sharp drop in refining margins compressed earnings across all segments.
declined 9.8% to $65.4 billion, tracking a fall in average Brent crude prices and a further normalization of LNG trading results from the exceptional levels of 2022 and early 2023.
The contracted 6.1 percentage points to 9.1%, the lowest quarterly level since Q2 2023, reflecting the of an integrated oil and gas business when commodity prices fall.

Original filing text

Risk Factors

A. [Reserved] B. Capitalization and indebtedness N/A C. Reasons for the offer and use of proceeds N/A D. Risk factors 23-30

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Business

A. History and development of the company 12-22, 35-88, 105-128, 317 B. Business overview 13-30, 33-34, 45-88, 118-139, 291-309 C. Organizational structure 19, Exhibit 8.1 D. Property, plants and equipment 23-30, 35-37, 45-88, 126-128, 135-137, 291-309

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SHEL

SHEL

Shell's operating income fell 45.9% in Q2 2025 as lower commodity prices and refining margins compressed earnings across all segments.

Key takeaways

Original filing text

Risk Factors

Business

What changed

What to watch

Management's Discussion and Analysis