Shell’s operational results recorded an upstream production of 1.89 million barrels of oil equivalent per day (mmboe/d) in the fourth quarter (Q4) of 2025, up from 1.859 mmboe/d in the same quarter in 2024. This figure is forecast to decline in the first quarter (Q1) of 2026 to a range of 1.76-1.86 mmboe/d. The anticipated decrease is attributed to the incorporation of the Aradura joint venture (JV), a partnership between Shell and a local operator in Nigeria.
The company’s integrated gas production amounted to 948,000 barrels of oil equivalent per day (boe/d) in Q4 2025 from 905,000 boe/d in the same quarter in 2024. This amount is forecast to decline in Q1 2026 to 880,000-920,000 boe/d, reflecting the impact of the Middle East conflict on Qatari volumes.
Also, the liquified natural gas (LNG) volumes of Shell recorded 7.8 million tons (mmt) in Q4 2025, with expectations to range between 7.6 – 8 mmt in Q1 2026, referring to the ramp-up of LNG Canada, offset by Australia weather constraints and Qatar LNG outages.
The sales volume in Shell’s marketing segment reached 2.7 million barrels per day (mmbbl/d) in Q4 2025, with projections for Q1 2026 expected to fall within the range of 2.55 to 2.65 mmbbl/d.
Shell plc posted adjusted earnings of $3.3 billion in Q4 2025, reflecting a 39% quarter-on-quarter drop. Annual adjusted earnings came in at $18.5 billion, down by $5.2 billion year-on-year (YoY).
Shell plc is one of the world’s largest energy companies, headquartered in the UK. It operates across the full energy value chain, including oil and gas exploration and production, LNG, refining, and marketing, while also expanding its portfolio in renewables and low-carbon energy solutions.
