
Shell has laid bare the impact of last year’s tumbling oil prices as it reported a worse-than-expected 22% plunge in annual profits.
The oil giant said underlying earnings – which strips out some commodity-price adjustments and one-off charges – dropped to 18.53 billion US dollars (£13.6 billion) for 2025 after a 40% plunge quarter-on-quarter in the final three months of the year.