20-F: Shell Reports Mixed 2025 Results Amid Energy Transition

Shell plc reported a decline in Adjusted Earnings and cash flow in 2025 due to lower commodity prices, despite achieving significant cost reductions and progressing its energy transition strategy with increased shareholder distributions.

Summary

• Income attributable to Shell plc shareholders in 2025 was $17,837 million, an increase from $16,094 million in 2024.
• Adjusted Earnings decreased to $18,528 million in 2025 from $23,716 million in 2024, primarily due to lower realized liquids and LNG prices, and reduced trading and optimization margins.
• Cash flow from operating activities (CFFO) was $42.9 billion in 2025, down from $54.7 billion in 2024.
• Free cash flow (FCF) was $26.1 billion in 2025, a decrease from $39.5 billion in 2024.
• Shareholder distributions totaled $22.4 billion in 2025 ($8.5 billion in dividends, $13.9 billion in share buybacks), representing 52% of CFFO, at the top end of the 40-50% target.
• Achieved $5.1 billion in structural cost reductions by end-2025 compared to 2022, three years ahead of the target.
• LNG sales volumes increased by 11% in 2025, reaching a record number of cargoes.
• Reduced Scope 1 and 2 operational emissions by 36% by end-2025 compared to 2016, achieving approximately 70% of the 2030 target.
• Reduced net carbon intensity (NCI) of energy products by 9% by end-2025 compared to 2016, meeting the interim target of 9-13% reduction.
• Achieved the target to eliminate routine flaring from upstream-operated assets by January 2025.
• Total proved oil and gas reserves decreased by 1,497 million boe in 2025 to 8,123 million boe.
• Four contractor colleagues tragically lost their lives in Shell-operated ventures in 2025, and four serious injuries occurred, with the Fatality and Permanent Impairment Frequency (FPI-F) increasing to 2.1 cases per 100 million working hours.
• Decided not to restart construction of the planned biofuels plant in Rotterdam in September 2025 due to competitiveness concerns, leading to impairment charges and provisions of $1,384 million and $186 million respectively in Marketing.
• Completed the acquisition of Pavilion Energy in Singapore in March 2025, strengthening LNG trading.
• Completed the formation of the Adura Energy Limited joint venture in the UK (50:50 with Equinor) in December 2025.
• EY's US audit opinions for 2023 and 2024 were initially deemed unreliable due to auditor independence rule non-compliance, leading to amended filings with reissued, unqualified opinions.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a mixed report. While financial performance metrics like Adjusted Earnings and cash flow from operations declined year-over-year, the company demonstrated strong capital discipline, achieved significant cost reductions ahead of schedule, and delivered robust shareholder distributions. Progress on climate targets and strategic portfolio adjustments are positive, but the decrease in proved reserves and tragic safety incidents are notable concerns.

Positives

• Income attributable to Shell plc shareholders increased to $17,837 million in 2025 from $16,094 million in 2024.
• Shareholder distributions were robust at $22.4 billion in 2025 ($8.5 billion dividends, $13.9 billion share buybacks), representing 52% of CFFO, at the top end of the 40-50% target.
• Achieved $5.1 billion in structural cost reductions by end-2025 compared to 2022, three years ahead of the target of $5-7 billion by end-2028.
• LNG sales volumes increased by 11% in 2025, with a record number of cargoes, supported by the Pavilion Energy acquisition.
• Mobility and Lubricants businesses achieved their best-ever results in 2025, driven by higher margins from premium products and reduced operating costs.
• Reduced Scope 1 and 2 operational emissions by 36% by end-2025 compared to 2016, reaching 70% of the 2030 target.
• Reduced net carbon intensity (NCI) of energy products by 9% by end-2025 compared to 2016, meeting the interim target of 9-13%.
• Achieved the target to eliminate routine flaring from upstream-operated assets by January 2025, five years ahead of the World Bank's Zero Routine Flaring by 2030 initiative.
• Maintained methane emissions intensity for operated oil and gas assets well below the 0.2% target, at 0.04% for assets with marketed gas and 0.002% for assets without marketed gas.
• Successfully started production at the Whale floating production facility in the Gulf of America in January 2025, reaching peak capacity in less than half the expected time.
• Production started at the Mero-4 floating production, storage and offloading facility in Brazil in May 2025, further strengthening the deep-water portfolio.
• Completed the acquisition of Pavilion Energy in Singapore in March 2025, strengthening LNG trading portfolio.
• Completed the formation of the Adura Energy Limited joint venture in the UK (50:50 with Equinor) in December 2025.
• Completed the sale of The Shell Petroleum Development Company of Nigeria Limited (SPDC) in March 2025, reducing exposure to onshore operational risks.
• Completed the divestment of Shell Energy and Chemicals Park Singapore in April 2025, aligning with portfolio high-grading.
• Completed the sale of 16.1% interest in Colonial Enterprises Inc. in July 2025, generating proceeds.
• Northern Lights joint venture in Norway took FID for Phase 2, which will more than double its storage capacity, and received its first CO2 cargo.
• Construction of Holland Hydrogen I, one of Europe's largest renewable hydrogen plants, is progressing well.
• Shell Lubricants' immersion cooling fluids became the first to earn Intel Data Center Certification for Immersion Cooling, demonstrating innovation.
• Pearl GTL in Qatar was recognized by the World Economic Forum's Global Lighthouse Network for innovation in smart technologies and AI.
• The Board performance review found significant improvement in Board focus and effectiveness over the last three years.

Negatives

• Adjusted Earnings decreased to $18,528 million in 2025 from $23,716 million in 2024, mainly due to lower realized liquids and LNG prices, lower trading and optimization, and lower Chemicals margins.
• Cash flow from operating activities decreased to $42.9 billion in 2025 from $54.7 billion in 2024.
• Free cash flow decreased to $26.1 billion in 2025 from $39.5 billion in 2024.
• Four contractor colleagues tragically lost their lives in Shell-operated ventures in 2025, and four serious injuries occurred, with the FPI-F increasing to 2.1 cases per 100 million working hours from 1.7 in 2024.
• Total proved oil and gas reserves decreased by 1,497 million boe in 2025 to 8,123 million boe, primarily due to acquisitions and divestments (net decrease of 1,203 million boe) and production (1,070 million boe).
• LNG liquefaction volumes decreased by 2% in 2025 due to ownership restructuring in Trinidad and Tobago and higher maintenance.
• Decided not to restart construction of the planned biofuels plant in Rotterdam in September 2025 due to competitiveness concerns, leading to impairment charges and provisions of $1,384 million and $186 million respectively in Marketing.
• Chemicals margins remained under pressure in 2025, leading to continued losses in the business.
• Products earnings weakened due to lower contributions from trading and supply.
• Withdrew from Atlantic Shores Offshore Wind project in the USA in October 2025 and terminated Campion Wind project in the UK, reflecting challenges in the renewables portfolio.
• External power sales declined in 2025 due to lower demand in US markets and a strategic choice to prioritize value over volume.
• Sales of pipeline gas to end-use customers decreased in 2025 due to prioritizing value over volume.
• Net debt increased to $45.7 billion at December 31, 2025, from $38.8 billion at December 31, 2024.
• Gearing increased to 20.7% at December 31, 2025, from 17.7% at December 31, 2024.
• EY's US audit opinions for 2023 and 2024 were initially deemed unreliable due to auditor independence rule non-compliance, leading to amended filings with reissued, unqualified opinions.
• The UK regulator, the Health and Safety Executive, concluded a failure to assess risks to health and safety of employees in a November 2025 incident where a contractor died.
• The Dutch Public Prosecutor's office dismissed its investigation into OPL 245 bribery allegations, but appeals are ongoing.

Risks

• Macroeconomic risks, including fluctuating commodity prices, competitive forces, and political, geopolitical, legal, and fiscal developments, could adversely affect earnings, cash flows, and financial condition.
• Challenges in developing capital projects, such as uncertain geology, supply chain constraints, skilled labor shortages, permitting delays, and cost overruns, could impact project delivery and value realization.
• Failure to replace proved oil and gas reserves would result in an accelerated decrease of future production and negatively impact the ability to sustain material liquids production.
• Operating in countries with differing degrees of political, legal, and fiscal stability exposes the company to risks like forced divestment, expropriation, contract renegotiation, additional taxes (e.g., windfall taxes), antitrust claims, trade compliance changes, and security issues.
• Less influence and control over non-operated joint arrangements could expose the company to environmental, reputational, legal (joint and several liability), and government sanction risks.
• Failure to effectively develop and/or deploy new technology, products, and solutions could adversely affect strategy delivery, reputation, and expose the company to litigation or sanctions.
• Climate change and the energy transition pose commercial risks (declines in demand/prices for products, lower margins for low-carbon business, investor divestment, financing access issues), societal risks (litigation, brand damage, reduced license to operate), regulatory risks (increased compliance costs, restrictions on hydrocarbon use, policy divergence), and physical risks (extreme weather events impacting assets and supply chains).
• Treasury risks, including liquidity, interest rate, foreign exchange, and credit risk, could adversely affect financial condition, especially given global macroeconomic instability and financial market conditions.
• Trading operations are exposed to market risks (commodity price risk, compliance risks, regulatory fines, ineffective controls, trader misconduct) that cannot be fully mitigated and could lead to significant financial losses.
• Health, safety, security, and environment (HSSE) risks, such as explosions, hydrocarbon leaks/spills, social instability, criminality, terrorism, and cyber disruption, could result in injuries, loss of life, environmental harm, business disruption, and significant costs.
• Heavy reliance on information technology systems and rapid advancements in digital technologies (AI, IoT) expose the company to cyber security incidents (denial-of-service, ransomware, data breaches) and regulatory penalties.
• Violations of laws (antitrust, anti-bribery, fraud, tax evasion, anti-money laundering, trade compliance, data privacy) could lead to fines, criminal sanctions, civil suits, and reputational harm.
• An erosion of business reputation due to perceived failures of governance/compliance, lack of understanding of community/environmental impacts, or climate activism could significantly influence share price and operational capabilities.
• The Company's Articles of Association generally require shareholder disputes to be resolved by arbitration in London, UK, or in English courts if arbitration is invalid, potentially limiting shareholder remedies, including for securities law claims.

Future Outlook

Shell expects energy demand to keep growing in 2026, with the pace of the energy transition remaining uncertain and potential misalignment from governments, markets, and customers. The company plans cash capital expenditure within the range of $20-22 billion per year between 2025 and 2028, with approximately $6 billion in Integrated Gas and $7 billion in Upstream for 2026. Structural cost reductions are targeted to reach $5-7 billion cumulatively by the end of 2028 compared to 2022. Shell aims to grow normalized free cash flow per share by more than 10% per year through to 2030, underpinned by growth in Integrated Gas and LNG, Upstream, and Marketing businesses. The company also aims to grow LNG sales 4-5% per year through to 2030 and sustain liquids production at 1.4 million barrels per day while growing total production by 1% through to 2030. Construction of Holland Hydrogen I is expected to start commissioning in late 2026, with production ramp-up in 2027. The Orca project in Brazil is expected to begin operations in 2029.

Management Comments

• "As Chief Executive Officer, Wael Sawan has continued to embed a focus on performance, discipline and simplification across Shell. This has translated into stronger operational performance, greater discipline in capital allocation, and more clarity about where we create value."
• "Today, Shell continues to become more competitive and resilient – and better positioned to create value and help provide the energy people need in a world that has become more fragmented and complex."
• "Our task is to manage oil and gas production responsibly and competitively, with a focus on reducing the emissions from our operations."
• "We are transforming into a more competitive and resilient business so that we are in the best possible position to support the around a billion people we serve, directly or indirectly, every year."
• "We are building trust in Shell as the investment case and partner of choice in a complex and changing world."
• "We set out to build a strong track record of performance, and we have just done that. In 2025, we delivered on the financial targets that we set out at our Capital Markets Day 2023 and, as a result, we set more ambitious financial targets at our Capital Markets Day 2025."
• "In a significant milestone for 2025, we achieved our target to eliminate routine flaring from our upstream-operated assets."
• "While we have delivered in many areas, there is still more to do. Our starting point must be safety. It must remain our number one priority. In 2025, four colleagues tragically lost their lives in our operated businesses. I feel that deeply, not just as a CEO but also as a colleague. We owe it to them – and to everyone who works for us – to learn from these incidents, and prevent such tragedies from ever happening again."
• "We believe that supplying LNG will be the biggest contribution we will make to the energy transition over the next decade."
• "We will continue to look for opportunities where we can create value for our shareholders."
• "We believe governments need to provide the predictability and stability that companies like Shell need for long-term investments."
• "I am proud of our commitment to simplify, enable faster decisions and deliver the full value of being an integrated business. That is why I am confident saying that customers can trust that Shell will deliver for them, that investors can trust that we will give them attractive returns, and that partners can trust that we will be there when they need us. In short, 'you can be sure of Shell'."
• "In 2025 our strong operational performance drove solid financial results across Shell, with robust cash flows despite the lower price environment."
• "This was a year of strong, competitive delivery and cash outcomes, laying a solid foundation for us to be the world's leading integrated gas and LNG business."
• "Upstream delivered strong operational results, with high controllable availability driving sustained high production."
• "Both Mobility and Lubricants achieved their best-ever results in 2025 as we continued to focus on value over volume and disciplined performance across the portfolio."
• "In 2025, we executed several value-led moves to high-grade our portfolio and unlock further value."
• "We continued to high-grade our portfolio and bring our power strategy to life through disciplined execution."

Industry Context

StockSavvy.ai notes that Shell's 2025 performance reflects a complex global energy landscape characterized by fragmented geopolitics, the rise of AI, and climate change pressures. The renewed focus on energy security, as highlighted by Shell's Chair, underscores the continued significance of oil and gas, including LNG, in the global energy system for decades to come. Shell's strategic decisions, such as increasing LNG sales and maintaining stable liquids production, align with the industry's recognition of gas as a flexible, reliable, and lower-carbon alternative to coal, especially in Asia's growing energy demand. The company's disciplined capital allocation, including divestments from lower-performing assets (e.g., Rotterdam biofuels plant, Atlantic Shores Offshore Wind) and acquisitions in high-return areas (e.g., Pavilion Energy, RISEC Holdings), demonstrates a pragmatic approach to navigating the energy transition. This strategy positions Shell to compete effectively by focusing on areas of competitive advantage and adapting to evolving market demand and policy frameworks, which remain inconsistent across regions. The emphasis on operational excellence, cost reduction, and technological innovation (e.g., immersion cooling fluids, AI in operations) is a common theme among leading energy companies striving for efficiency and decarbonization amidst market volatility.

Comparison to Industry Standards

• Shareholder Returns: Shell distributed 52% of cash flow from operations to shareholders in 2025, at the top end of its 40-50% target, and outperformed peers in total shareholder return over the three years to end-2025, indicating strong performance relative to industry benchmarks.
• LNG Portfolio: Shell is the world's leading publicly listed supplier of LNG, with its Integrated Gas portfolio servicing nearly a fifth of global LNG demand. The first cargo from LNG Canada, designed to be among the lowest carbon intensity LNG facilities, sets a high standard for new projects.
• Methane Emissions: Shell's methane emissions intensity for operated oil and gas assets (0.04% with marketed gas, 0.002% without marketed gas) is well below its 0.2% target, aligning with the Oil & Gas Decarbonization Charter's pledge for near-zero methane emissions by 2030, demonstrating industry-leading performance in methane abatement.
• Routine Flaring: Achieving the target to eliminate routine flaring from upstream-operated assets by January 2025, five years ahead of the World Bank's Zero Routine Flaring by 2030 initiative, positions Shell as a leader in this environmental metric.
• Safety Performance: The fatality and permanent impairment frequency (FPI-F) increased to 2.1 cases per 100 million working hours in 2025 (from 1.7 in 2024), with four contractor fatalities. While process safety incidents improved, the increase in FPI-F indicates a need for further improvement compared to best-in-class safety records in the industry.
• Carbon Intensity of LNG: The IEA report "Assessing Emissions from LNG Supply and Abatement Options" (June 19, 2025) states that, globally, on average, the life-cycle GHG emissions intensity of electricity produced from LNG is around 40% lower than for electricity produced from coal. Shell's LNG Canada facility is designed to be among the lowest carbon intensity LNG facilities in the world, indicating a competitive advantage in lower-carbon gas supply.
• Chemicals Industry: Chemical margins remained under pressure in 2025 due to continued growth of excess capacity in China (7 MMTA ethylene capacity added while global demand grew by only 4 MMTA). Shell's global weighted average indicative chemical margin declined by about $30/t in 2025, reflecting broader industry challenges.
• Data Center Cooling: Shell Lubricants' immersion cooling fluids becoming the first to earn Intel Data Center Certification for Immersion Cooling highlights a significant technological advancement and competitive edge in providing sustainable solutions for the rapidly growing digital infrastructure sector.

Management Changes

Corporate Governance

Legal Proceedings

• Pesticide litigation: Approximately six cases pending, three claims made but not yet filed, and an active subpoena for records against Shell and other manufacturers/distributors for groundwater contamination. Shell vigorously defends these actions, not expecting a material adverse impact on Shell Chemical USA business, but uncertainty remains.
• Climate change litigation: More than 30 lawsuits pending in the USA against energy companies (including Shell) alleging responsibility for climate change impacts and/or deceptive conduct.
• Milieudefensie case (Netherlands): Appeal filed with the Dutch Supreme Court on February 11, 2025, against a Court of Appeal judgment that overturned a lower court finding of an obligation to reduce CO2 emissions by 2030.
• Typhoon Odette claim (UK): On December 9, 2025, a group of claimants from the Philippines brought a claim against Shell plc and The Shell Transport and Trading Company Limited for loss and damage allegedly from Typhoon Odette in 2021.
• NAM (Groningen gas field) litigation: NAM (50:50 joint venture with ExxonMobil) has settled ~80,000 claims for physical damage from earthquakes. NAM and its shareholders initiated arbitrations against the Dutch government in 2022 to determine financial liability for costs charged to NAM. An independent arbitration panel was asked in December 2023 to rule on interpretation and implementation of 2018/2019 agreements. Arbitral awards expected in 2026. Shell plc initiated an arbitration against the Dutch State under the Energy Charter Treaty in December 2025. High uncertainty remains.
• Kazakhstan disputes: Shell has several ongoing disputes with the Republic of Kazakhstan, including a litigation matter related to a Sulphur permitting inspection outcome (unfavorable ruling in December 2025, appealed in March 2026) and two arbitrations under production-sharing contracts. High uncertainty remains.
• Nigerian litigation: Shell remains a party to litigation in Nigeria and the UK related to divested onshore business activities (SPDC). Disputes may take considerable time to resolve, with high uncertainty.
• OPL 245: Criminal charges against SNEPCO (Shell subsidiary) and others were struck out in 2025. Appeals are ongoing for two actions challenging the 2011 settlement. HEDA's lawsuit to revoke OPL 245 was struck out in 2019, with an appeal ongoing. Dutch Public Prosecutor's investigation dismissed in July 2022, challenged by complaint in October 2022, dismissed by Court of Appeal in March 2025. High uncertainty remains.
• Russia: On October 2, 2024, Russian prosecutor filed a Moscow court claim against eight Shell-group entities seeking declarations of illegal abandonment and monetary relief of approximately $1.5 billion from SEEL to Gazprom Export for alleged unpaid gas deliveries in 2022, and a declaration that GPE can take $94 billion from a Type-C account for Sakhalin equity compensation. Proceedings are ongoing, with high uncertainty.

Related Party Transactions

• Deed of Indemnity with each Director of the Company, providing indemnities and Directors' and Officers' insurance.
• Agreements with Non-executive Directors and Executive Officers (letters of appointment, employment contracts).
• No political payments made by Shell companies; Shell USA, Inc. administers SEPAC (political action committee) with voluntary employee contributions.
• Sales and charges to joint ventures and associates were $8,389 million in 2025 (2024: $9,652 million, 2023: $10,223 million).
• Purchases and charges from joint ventures and associates were $11,770 million in 2025 (2024: $13,076 million, 2023: $15,084 million).
• Amounts due from joint ventures and associates: $788 million current, $174 million non-current at December 31, 2025.
• Amounts due to joint ventures and associates: $5,225 million current, $133 million non-current at December 31, 2025.
• Commitments to make purchases from joint ventures and associates: $1,632 million at December 31, 2025.
• Commitments to provide debt or equity funding to joint ventures and associates: $215 million at December 31, 2025.

Stakeholder Impact

• Shareholders: Strong shareholder distributions ($22.4 billion in 2025, 52% of CFFO) and outperformance in TSR compared to peers. Potential for increased returns through normalized FCF per share growth target. However, legal proceedings and market volatility pose risks to future returns.
• Employees/Contractors: Four contractor fatalities and four serious injuries in 2025 highlight significant safety concerns. Workforce reduction (85,000 employees in 2025 from 96,000 in 2024) due to efficiency drives and divestments. Continued focus on performance culture, DE&I, competitive pay/benefits, and well-being.
• Customers: Increased LNG sales and best-ever results in Mobility and Lubricants indicate strong customer engagement. Expansion of EV charging points and low-carbon solutions. However, strategic exits from certain renewables projects and the Rotterdam biofuels plant may impact some customer segments.
• Suppliers: Total spend on goods and services was $40 billion in 2025, a decrease from $41 billion in 2024, reflecting cost reductions. Emphasis on responsible sourcing and worker welfare in the supply chain.
• Governments/Regulators: Significant tax payments ($17 billion in 2025). Ongoing legal disputes (e.g., Milieudefensie, NAM, Kazakhstan, OPL 245, Russia) and regulatory scrutiny (e.g., SEC auditor independence, EU CSRD) pose compliance and financial risks. Advocacy for supportive government policies for energy transition.
• Communities: Social investment of $115 million. Engagement to manage impacts and provide remedy. Biodiversity conservation efforts. Spills and environmental incidents can negatively impact communities.

Next Steps

• Complete the $3.5 billion share buyback program by May 2026.
• Propose new resolutions at the 2026 AGM to renew authority for share repurchases.
• Continue to monitor and assess future exposure of assets to changing climatic conditions for long-term adaptation actions.
• Continue to implement improvements to SPDC's community feedback mechanism (CFM) to align with UNGP effectiveness criteria.
• Continue to manage interests in Kazakhstan in compliance with international sanctions on Russia.
• Continue to manage remaining business activities in Nigeria, facing various risks and adverse conditions.
• Review general licenses issued by the USA in mid-February 2026 to understand their impact on Venezuela activities.
• Continue to work closely with contractors to help build a strong safety culture at the front-line.
• Continue internal investigation into the November 2025 contractor fatality in the North Sea.
• Continue to pursue a final, all-encompassing settlement with the Dutch government on the new design of the Dutch "Gasgebouw" earthquake costs and the wind-down of natural gas production in Groningen.
• Continue to manage the arbitration initiated by Shell plc against the Dutch State under the Energy Charter Treaty.
• Continue to defend against pesticide litigation and climate change litigation.
• Complete the sale of 100% interest in Jiffy Lubricants International in the second half of 2026.
• Start commissioning Holland Hydrogen I in late 2026, with production ramp-up in 2027.
• Orca project in Brazil expected to begin operations in 2029.
• Kaikias field waterflood project in GoA due to begin in 2028.
• REFHYNE II electrolyser scheduled to begin operating in 2027.
• Northern Lights Phase 2 expansion expected to be completed in 2028.
• German government plans to hold auctions for new gas-fired power plants with a combined capacity of 10 GW by 2032.
• The Australian government has commenced a gas market review on Australia's east coast domestic gas and LNG export markets, with work ongoing through 2026.
• The transition plan for the Dutch defined benefit pension plan states that the transfer into a new defined contribution plan is subject to the average local funding level of the plan remaining above an agreed level (125%) for July, August and September 2026.

Key Dates

Recommendation

Shell's 2025 annual report presents a mixed financial picture with a decline in Adjusted Earnings and cash flow from operations year-over-year, primarily due to lower commodity prices. While the company demonstrated strong capital discipline, achieved significant structural cost reductions ahead of schedule, and delivered robust shareholder distributions, the decrease in proved reserves and the tragic safety incidents are concerning. The strategic repositioning towards lower-carbon solutions and LNG is prudent given the energy transition, but the execution involves divestments and withdrawals from certain renewables projects, indicating ongoing challenges and uncertainties in this segment. The numerous legal proceedings and regulatory risks also add a layer of uncertainty. Given the strong shareholder returns and progress on long-term strategic goals, but also the financial headwinds and operational challenges, a "hold" recommendation is appropriate for a seasoned investor. The company is navigating a complex transition, and while it shows resilience, the path ahead is not without significant risks and uncertainties that warrant careful monitoring rather than aggressive buying or selling.

Keywords

Shell, energy, oil, gas, LNG, renewables, energy transition, financial results, 20-F, SEC filing, shareholder returns, dividends, share buybacks, cost reduction, emissions, net-zero, climate targets, deep-water, portfolio optimization, divestments, acquisitions, corporate governance, risks, litigation, cyber security, financial performance, capital allocation, sustainability