Shell has released its 2025 results, posting a revenue of US$273.7bn (-6%) and an income of US$18.1bn (+10%) (Shell press release, 05/02/2026). In the upstream segment, the company produced 2.8 mboe/d of oil and gas in 2025 (-1%), including 1.5 mb/d of liquids (+3% compared to 2024) and 7.3 bcf/d (nearly 76 bcm/year) of natural gas (-5%). Most of the liquids production took place in Asia (35%), South America (30%) and North America (22%), while natural gas was mainly extracted in Asia (38%), and Oceania (38%).
Shell also liquefied 28 Mt of LNG (-2%) and sold 73 Mt of LNG (+11%). In the downstream segment, the group’s refineries processed 1.2 md/d of crude oil (-9%), and sold 1 Mt of oil products (-4%) and 2.8 mb/d (-3%) of other products in the marketing segment . Finally, the company sold 290 TWh of power (-5%) and 626 TWh of gas to end-use customers (-4%). Shell’s renewable power capacity increased by 24% to 4.2 GW and its pipeline of projects under construction or committed for sale halved, reaching 1.9 GW at end-2025.