Shell expects loss in chemicals unit as trading results decline
Shell anticipates a loss in its chemicals and products business for the final quarter of 2025 due to lower trading results and falling chemicals margins.
Insights:
Shell plc announced on Thursday, January 8, 2026, that it expects a loss in its chemicals and products business segment for the fourth quarter of 2025. The company attributed the anticipated loss to significantly lower trading results and a decline in chemicals margins, which are falling to $140 per metric ton from $160 in the third quarter of 2025. A tax adjustment is also contributing to the earnings drag in this segment, which last recorded a quarterly loss during the final three months of 2024.
Despite the challenges in its chemicals division, Shell plcmaintained its production forecasts for Crude Oil and Natural Gas within previous guidance ranges. Fourth-quarter oil-focused upstream production is expected to remain between 1.84 and 1.94 million barrels of oil equivalent per day (boed), compared to the 1.83 million boed reported in the third quarter. Integrated Natural Gasproduction is forecast to reach between 930,000 and 970,000 boed, following a third-quarter output of 934,000 boed.
