Joint ventures and associates

12 Months Ended

Dec. 31, 2025

Interests In Other Entities [Abstract]

Joint ventures and associates


Shell share of comprehensive income of joint ventures and associates


									$ million
	2025				2024				2023
	Joint ventures	Associates	Total			Joint ventures	Associates	Total		Joint ventures	Associates	Total
Income for the period	243	1,375	1,618	[A]		970	2,023	2,993	[B]	1,619	2,106	3,725
Other comprehensive income/(loss) for the period	131	—	131			(71)	—	(71)		(183)	—	(183)
Comprehensive income for the period	374	1,375	1,749			899	2,023	2,922		1,436	2,106	3,542

[A]Includes impairment charges of $554 million, mainly related to joint ventures and associates in the Marketing segment.

[B]Includes impairment charges of $873 million, mainly related to joint ventures and associates in the Renewables and Energy Solutions segment.


Carrying amount of interests in joint ventures and associates

$ million

Dec 31, 2025

Dec 31, 2024

Joint
ventures

Associates

Total

Joint
ventures

Associates

Total

Net assets

19,814

7,961

27,775

15,783

7,662

23,445

On December 1, 2025, Shell finalised the formation of the Adura joint venture with Equinor. This joint venture comprises Shell and Equinor's former UK offshore oil and gas assets and related expertise. At December 31, 2025, the amount recognised under the equity method was $4,991 million, representing the fair value of Shell's share of net assets.


Transactions with joint ventures and associates


	$ million
	2025	2024	2023
Sales and charges to joint ventures and associates	8,389	9,652	10,223
Purchases and charges from joint ventures and associates	11,770	13,076	15,084

These transactions principally comprise sales and purchases of goods and services in the ordinary course of business. Related balances outstanding at December 31, 2025, and 2024, are presented in Notes 16 and 20.


Other arrangements in respect of joint ventures and associates


	$ million
	Dec 31, 2025	Dec 31, 2024
Commitments to make purchases from joint ventures and associates [A]	1,632	1,078
Commitments to provide debt or equity funding to joint ventures and associates	215	323

[A]Commitments to make purchases from joint ventures and associates mainly relate to contracts associated with LNG processing fees and transportation capacity. Shell has other purchase obligations related to joint ventures and associates that are not fixed or determinable and are principally intended to be resold in a short period of time through sales agreements with third parties. These include long-term LNG and natural gas purchase commitments and commitments to purchase refined products or crude oil at market prices.