Shell plc is expected to report higher Q1 upstream earnings when results are released later this month, benefiting from elevated crude prices averaging near $100 per barrel during the quarter.
The supermajor maintained its progressive dividend policy at the Q4 results and has increased share buybacks to approximately $3.5 billion per quarter — part of the broader energy sector's capital discipline focus.
Shell has gradually trimmed its renewable energy ambitions under CEO Wael Sawan, redirecting capital toward LNG and traditional upstream projects where returns remain more predictable.
Q1 LNG trading is expected to contribute meaningfully given the Hormuz disruption and elevated global gas prices, particularly in Shell's integrated gas segment.