Shell's 2025 profits fell 22% to $18.53B amid low oil prices and weak demand, yet it raised dividends and bought back $3.5B in shares.

Shell reported a 22% drop in 2025 annual profits to $18.53 billion, driven by a 40% quarterly decline amid a 19% drop in crude oil prices, weak demand, and oversupply. Despite the downturn, the company announced a $3.5 billion share buyback and a 4% dividend increase, continuing its 17th consecutive quarter of buybacks exceeding $3 billion. Shares fell over 2% on investor disappointment. Oil prices dipped below $60 but rebounded to around $68, with Shell expecting stability between $65 and $70. The company remains engaged in Venezuela’s Dragon gas field under U.S. sanctions and plans conservative capital spending of $20–22 billion in 2026 to prioritize shareholder returns.