LONDON, Feb 5 — British energy giant Shell said today that its net profit rose 11 per cent last year as higher volumes and lower costs helped to offset falling oil and gas prices.
Profit after tax climbed to US$17.84 billion (RM70.3 billion) in 2025 from US$16.1 billion a year earlier, Shell said in a statement.
Energy prices faced pressure last year on concerns that US President Donald Trump’s tariffs would hurt economic growth. They dropped further as a result of higher output by OPEC+ nations.
More recently, prices have rallied as Trump ramped up military threats against major oil producer Iran, but have since cooled on easing tensions between Washington and Tehran.
Shell said its underlying earnings, which strip out some energy-price movements and one-off charges, dropped 22 per cent to US$18.53 billion last year.
In the fourth quarter alone, net profit fell 22 per cent from the previous quarter, to US$4.1 billion.
“In Q4, despite lower earnings... cash delivery remained solid,” chief executive Wael Sawan said in the statement.
He added that Shell was raising its dividend to shareholders and would begin a new share buyback programme worth US$3.5 billion.
Shell announced in November that it was ending its participation in two offshore wind projects in the North Sea, part of its shift away from alternative energy to focus on its fossil fuels business.
The company, like some of its rivals, has scaled back various climate objectives in favour of more profitable oil and gas production.
Shell’s British rival BP, which publishes its 2025 earnings next Tuesday, said last month that it would take a write-down of up to US$5 billion linked to its own energy operations. — AFP
