Perspectivas de Shell para el cuarto trimestre: Una lectura táctica sobre los factores que afectan las pérdidas en el sector químico

The immediate event is a clear and specific headwind: Shell's chemicals division is expected to post a significant loss in the fourth quarter. The company stated that adjusted earnings across the chemicals and products division are now expected to be "below breakeven". This is not a minor miss; it's a fundamental pressure on near-term earnings.

Two key drivers explain this loss. First, the core economics of the chemicals business deteriorated sharply. The indicative chemicals margin is expected to fall to $140 per tonne from $160 per tonne in the prior quarter. That's a $20/tonne drop, directly squeezing profitability. Second, a non-cash accounting adjustment is compounding the problem. Shell cited a (non-cash) deferred tax adjustment in a joint venture as a reason for the loss in its chemicals sub-segment.

Adding to the pressure, another major profit center is also forecast to weaken. The company expects trading and optimisation to be "significantly lower" than the third quarter. This means the earnings drag isn't isolated to chemicals; it's spreading across a key operational segment.

The core investment question here is tactical. This is a specific, event-driven catalyst that creates a near-term earnings overhang. While Shell maintained guidance for its core oil and gas production, the chemicals loss and lower trading profits are concrete negatives that will weigh on the reported quarterly result. The market's reaction-a 1% drop in shares on the news-shows investors are already pricing in this pressure.

The Offset: Stable Core Operations and Production

The chemicals loss is a real drag, but it's not an earnings freefall. Shell's core operations are holding steady, providing a crucial buffer. Upstream production is expected to remain within its established guidance range of 1.84 million to 1.94 million barrels of oil equivalent per day, essentially flat with the third quarter's output. Integrated gas production is forecast at 930,000 to 970,000 barrels of oil equivalent per day, also broadly in line with the prior period. This stability in the fundamental output of oil and gas is the bedrock of the company's financial outlook.

More importantly, a key profit center is set to improve. Refining margins are expected to climb to $14 per barrel from $11.6 per barrel in the third quarter. That's a meaningful uptick that directly offsets some of the pressure from the chemicals segment. While the chemicals business faces a margin compression to $140 per tonne from $160 per tonne, the refining side is moving in the opposite direction.

Viewed another way, the chemicals loss is a segment-specific event against a backdrop of stable core production. The company's guidance for its oil-focused operations remains largely unchanged, and the LNG volumes are even slightly higher. The tactical setup here is clear: the market is focusing on the headline loss, but the offsetting stability in upstream and the improving refining margin mean the overall earnings impact is contained. This creates a potential mispricing opportunity if the market overreacts to the chemicals news without fully accounting for the offsetting strengths.

Valuation and Risk/Reward Setup

The market's immediate reaction was a clear sell signal. Shell shares fell 2.75% at $69.56 during premarket trading on the news. This drop suggests investors are pricing in the chemicals loss and lower trading profits as a tangible negative. However, the move may be overdone. The core operations are stable, and the refining margin is improving. The tactical setup hinges on whether this creates a temporary mispricing.

The sustainability of the headwinds is mixed. The chemicals margin compression to $140 per tonne from $160 per tonne is a real economic pressure. Yet, a key part of the loss is non-cash. The company explicitly cites a (non-cash) deferred tax adjustment in a joint venture as a reason for the chemicals sub-segment loss. This means the headline earnings drag does not directly impact cash flow or liquidity, which is crucial for the company's financial health and dividend payments.

The primary near-term catalyst is the full Q4 results themselves, scheduled for February 5, 2026. This event will confirm the outlook and provide forward guidance. Until then, the market is reacting to a forward-looking statement. The risk is that the chemicals loss dominates the narrative, overshadowing the stable production and improving refining margins that were detailed in the same update.

The bottom line is a classic event-driven opportunity. The market is focusing on a specific, negative catalyst-the chemicals loss-while the offsetting strengths in upstream and refining are being discounted. If the February results validate the stable core operations, the stock could see a sharp re-rating. For now, the 2.75% drop looks like an overreaction to the headline, creating a potential mispricing if the full picture is recognized.