What caused SHEL's Q4 2024 EPS to underperform forecasts?

Shell's Q4 2024 EPS underperformance can be attributed to lower-than-expected revenues, despite stable net income and operating income.

1. Revenue Miss: The most significant factor contributing to the EPS underperformance was the revenue miss. Shell's total revenue for Q4 2024 was $66.81 billion, which was below the expected figures, resulting in a revenue shortfall of approximately $15.81 billion when compared to the previous year.
2. Oil and Gas Production: Although Shell's oil and gas production increased by 1% compared to the first half of 2023, primarily due to the ramp-up of fields in Oman and Australia, this increase was not sufficient to offset the higher maintenance costs.
3. Market Factors: The underperformance can also be attributed to broader market factors, including seasonal fluctuations in demand and pricing dynamics within the energy sector.

In summary, Shell's Q4 2024 EPS underperformance is primarily driven by a significant revenue miss, despite stable net income and operating income, which was influenced by lower-than-expected oil and gas production and market factors.