Shell PLC (SHEL) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Shell's fourth quarter and full year 2025 financial results announcement. Shell's CEO YL Sirwan and CFO Sinead Gorman will present the results, then host a Q&A session. If you would like to ask a question, please press star 1. If you wish to be removed from the queue, please press star 2. We will now begin the presentation. Welcome everyone. Today, Sinead and I will present Shell's fourth quarter and full year 2025 results. 2025 was another year of consistent delivery and real progress. We continued to execute with discipline and delivered against our targets in service of becoming the world's leading integrated energy company. As always, safety is a top priority. In 2025, four colleagues tragically lost their lives in our operated businesses. We owe it to them and everyone who works with us to learn from these incidents and to prevent such tragedies from happening again. On process safety, we continue to make encouraging progress, with 30% fewer incidents in 2025 compared to the previous year. Improving personal and process safety is a continuous journey and will remain our top priority. Turning to our strategy of delivering more value with less emissions. Last year we beat our ambitious CMD23 targets and set out important new financial targets at CMD25. The first of these financial targets is to deliver structural cost reductions of 5 to 7 billion dollars by the end of 2028. By the end of 2025, we had already achieved $5.1 billion of reductions with more to come. Nearly 60% of the structural cost reductions came from operational efficiencies, a leaner corporate center, and faster value-based decision-making. Achieving this target three years early demonstrates the drive of our organization to deliver. The next target is disciplined capital allocation wit...