Shell PLC (NYSE:SHEL) released an update to its fourth-quarter 2025 outlook on Wednesday, outlining current expectations across its operating segments ahead of full results scheduled for February 5, 2026.

Upstream & Integrated Gas Segments

The oil giant tightened the guidance for production at Integrated Gas to around 930 – 970 thousand boe/d (versus the prior outlook of 920 – 980 thousand boe/d).

The company expects Trading & Optimisation to be at par with the third quarter of fiscal 2025 in the Integrated Gas segment.

On the other hand, Shell revised the LNG liquefaction volumes forecast to 7.5 – 7.9 million metric tons from a previous guidance of 7.4 – 8.0 million metric tons.

Shell also tightened the outlook for the Upstream segment to about 1.84 to 1.94 thousand boe/d (versus the earlier outlook of 1.77 to 1.97 thousand boe/d).

Refining & Chemical Businesses

The company now anticipates refinery utilization of around 93% – 97% (versus prior outlook of 87%-95%). It sees a refining margin of $14 per barrel in the quarter, higher than $11.6 per barrel in the third quarter.

On the other hand, Shell expects chemical plant utilization of 75% – 79% (versus earlier guidance of 71%-79%). Adjusted earnings in the Chemicals & Products segment are expected to fall below break-even in the fourth quarter, reflecting a sharp decline in Trading & Optimisation contributions.

The company now projects Marketing sales volumes of around 2.65 – 2.75 thousand b/d (versus earlier guidance of 2.50 to 3.00 million b/d).

Shell expects Marketing adjusted earnings to decline versus the fourth quarter of fiscal 2024, due to a non-cash deferred tax adjustment related to a joint venture.

Recent Events

Recently, Shell has finalized a deal with Equinor ASA (NYSE:EQNR) to merge their U.K. offshore oil and gas operations into a new company called Adura.

Additionally, the company's subsidiary, Shell International Trading Middle East Limited FZE, has signed a 15-year deal with Abu Dhabi National Oil Company (ADNOC).

SHEL Price Action: Shell shares were down 2.75% at $69.56 during premarket trading on Thursday, according to Benzinga Pro data.

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