v3.25.4
Financial instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Financial Instruments [Abstract]  
Disclosure of financial assets
2025
$ million
Carrying amount
NoteAmortised costFair value through profit or lossFair value through other comprehensive incomeTotal carrying amount
Financial assets
Investments in securities1539401,4781,557
Trade and other receivables1650,9591,747[A]14352,849
Derivative financial instruments (non-designated)9,322—9,322
Derivative hedging instruments (designated)411411
50,99811,5201,62164,139
Cash and cash equivalents1830,216
At December 31, 2025
50,99811,5201,62194,355
Financial liabilities
Debt2146,71046,710
Trade and other payables2062,23362,233
Derivative financial instruments (non-designated)5,8355,835
Derivative financial instruments (designated)937937
At December 31, 2025
108,9436,772115,715
[A] Includes amounts recognised in respect of deferred consideration.
2024
$ million
Carrying amount
NoteAmortised costFair value through profit or lossFair value through other comprehensive incomeTotal carrying amount
Financial assets
Investments in securities1537972,1212,255
Trade and other receivables1651,87851,878
Derivative financial instruments (non-designated)
10,00710,007
Derivative hedging instruments (designated)
4040
51,91510,1442,12164,180
Cash and cash equivalents1839,110
At December 31, 2024
51,91510,1442,121103,290
Financial liabilities
Debt2148,37648,376
Trade and other payables2063,98363,983
Derivative financial instruments (non-designated)
7,0657,065
Derivative financial instruments (designated)
2,5112,511
At December 31, 2024
112,3599,576121,935
Disclosure of financial liabilities
2025
$ million
Carrying amount
NoteAmortised costFair value through profit or lossFair value through other comprehensive incomeTotal carrying amount
Financial assets
Investments in securities1539401,4781,557
Trade and other receivables1650,9591,747[A]14352,849
Derivative financial instruments (non-designated)9,322—9,322
Derivative hedging instruments (designated)411411
50,99811,5201,62164,139
Cash and cash equivalents1830,216
At December 31, 2025
50,99811,5201,62194,355
Financial liabilities
Debt2146,71046,710
Trade and other payables2062,23362,233
Derivative financial instruments (non-designated)5,8355,835
Derivative financial instruments (designated)937937
At December 31, 2025
108,9436,772115,715
[A] Includes amounts recognised in respect of deferred consideration.
2024
$ million
Carrying amount
NoteAmortised costFair value through profit or lossFair value through other comprehensive incomeTotal carrying amount
Financial assets
Investments in securities1537972,1212,255
Trade and other receivables1651,87851,878
Derivative financial instruments (non-designated)
10,00710,007
Derivative hedging instruments (designated)
4040
51,91510,1442,12164,180
Cash and cash equivalents1839,110
At December 31, 2024
51,91510,1442,121103,290
Financial liabilities
Debt2148,37648,376
Trade and other payables2063,98363,983
Derivative financial instruments (non-designated)
7,0657,065
Derivative financial instruments (designated)
2,5112,511
At December 31, 2024
112,3599,576121,935
Summary of 10% Appreciation Against the Dollar of Main Currencies
Assuming other factors (principally interest rates and commodity prices) remained constant and that no further foreign exchange risk management actions were taken, a 10% appreciation against the dollar at December 31 of the main currencies to which Shell is exposed would have had the following effects:
$ million
Increase/(decrease)
in income before taxation		Increase in net assets
2025202420252024
10% appreciation against the dollar of:
Sterling(156)(69)547789
Euro(46)981,8962,410
Malaysian ringgit(49)34271274
Australian dollar(71)(103)573625
Canadian dollar153201,2801,353
Schedule of Value at Risk Pre-tax The VAR average and year-end positions in respect of commodities traded in liquid markets, which are presented in the table below, are calculated on a diversified basis in order to reflect the effect of offsetting risk within combined portfolios.
Value-at-risk (pre-tax)
$ million
20252024
AverageYear-endAverageYear-end
Global oil36602922
North America gas and power1181516
Europe gas and power971313
Australia gas and power3433
Environmental certificates2152
Schedule of Trade and Other Receivables, Other Payables and Derivative Financial Instruments These amounts, as presented net and gross within trade and other receivables, trade and other payables and derivative financial instruments in the Consolidated Balance Sheet at December 31, were as follows:
2025
$ million
Amounts offsetAmounts not offset
Gross amounts
before offset		Amounts
offset		Net amounts
as presented		Cash collateral
received/pledged		Other offsetting
instruments		Net amounts
Assets:
Within trade receivables18,90912,0036,906831836,640
Within derivative financial instruments10,7013,4707,2317551,3315,145
Liabilities:
Within trade payables17,20311,9995,204511834,970
Within derivative financial instruments8,7273,4705,2571,1061,3292,822
2024
$ million
Amounts offsetAmounts not offset
Gross amounts
before offset		Amounts
offset		Net amounts
as presented		Cash collateral
received/pledged		Other offsetting instrumentsNet amounts
Assets:
Within trade receivables18,56911,4527,117582276,832
Within derivative financial instruments12,2004,4907,7109511,7305,029
Liabilities:
Within trade payables17,10611,4495,6571212275,309
Within derivative financial instruments12,7604,4908,2702,0491,7304,491
Disclosure of detailed information about hedging instruments
The carrying amounts of derivative contracts at December 31, designated and not designated as hedging instruments for hedge accounting purposes, were as follows:
2025
$ million
AssetsLiabilities
DesignatedNot
designated		TotalDesignatedNot
designated		TotalNet
Interest rate swaps16521202545(24)
Forward foreign exchange contracts—337337—29029047
Currency swaps and options39523979171011,018(621)
Commodity derivatives—8,8328,832—5,2525,2523,580
Other contracts—146146—167167(21)
Total4119,3229,7339375,8356,7722,961
2024
$ million
AssetsLiabilities
DesignatedNot
designated		TotalDesignatedNot
designated		TotalNet
Interest rate swaps71864—64(56)
Forward foreign exchange contracts—682682—379379303
Currency swaps and options335382,447422,489(2,451)
Commodity derivatives—9,2049,204—6,6306,6302,574
Other contracts—115115—1414101
Total4010,00710,0472,5117,0659,576471
Contractual Maturities of Derivative Liabilities
The following table compares contractual maturities of derivative liabilities at December 31 with their carrying amounts in the Consolidated Balance Sheet.
2025
$ million
Contractual maturities
Less than
1 year		Between
1 and 2
years		Between
2 and 3
years		Between
3 and 4
years		Between
4 and 5
years		5 years
and later		TotalDifference
from carrying
amount [A]		Carrying
amount
Interest rate swaps1958441555(10)45
Forward foreign exchange contracts25816921—2864290
Currency swaps and options38322360224554441,389(371)1,018
Commodity derivatives2,8761,0155292962176525,585(333)5,252
Other contracts31751—11181(14)167
Total3,5391,4346075262781,1127,496(724)6,772
[A]Mainly related to the effect of discounting.
2024
$ million
Contractual maturities
Less than
1 year		Between
1 and 2
years		Between
2 and 3
years		Between
3 and 4
years		Between
4 and 5
years		5 years
and later		TotalDifference
from carrying
amount [A]		Carrying
amount
Interest rate swaps20161616——68(4)64
Forward foreign exchange contracts393843(3)——477(98)379
Currency swaps and options9256936274233161,0083,992(1,503)2,489
Commodity derivatives4,3451,0885243261844586,925(295)6,630
Other contracts652———13114
Total5,6891,8861,1727625001,46611,475(1,899)9,576
[A]Mainly related to the effect of discounting.
Summary of Net Carrying Amounts of Derivative Contracts Held
The net carrying amounts of derivative contracts held at December 31 categorised based on the significant inputs used in determining their fair value, were as follows:
2025
$ million
Other
observable
inputs		Unobservable
inputs		Total
Interest rate swaps(24)—(24)
Forward foreign exchange contracts47—47
Currency swaps and options(621)—(621)
Commodity derivatives1,4732,1073,580
Other contracts(101)80(21)
Total7742,1872,961
2024
$ million
Prices in active markets for identical
assets/liabilities		Other
observable
inputs		Unobservable
inputs		Total
Interest rate swaps—(56)—(56)
Forward foreign exchange contracts—303—303
Currency swaps and options—(2,451)—(2,451)
Commodity derivatives444872,0432,574
Other contracts—107(6)101
Total44(1,610)2,037471
Summary of Net Carrying Amounts of Derivative Contracts Measured Using Predominantly Unobservable Inputs
$ million
20252024
At January 12,0372,466
Net (losses)/gains recognised in revenue
(163)(191)
Purchases195310
Sales(69)(363)
Recategorisations (net)50(127)
Currency translation differences137(58)
At December 312,1872,037
Reconciliation of Derivative Contracts with Unrecognized Day One Gains or Losses The unrecognised gains on these derivative contracts at December 31, 2025, were as follows:
$ million
20252024
At January 17451,607
Movements(23)(862)
At December 31722745