Overview
- Q4 IFRS net income was $2.9 billion, down 26% year over year, while adjusted net income of $3.84 billion aligned with analyst expectations.
- For 2025, adjusted net income fell 15% to $15.6 billion and adjusted EBITDA slipped 6% to $40.6 billion, with quarterly CFFO steady at $7.2 billion.
- The Board reaffirmed 2026 share buybacks of $3–6 billion, contingent on Brent at $60–$70 per barrel and an exchange rate near $1.20 per euro.
- Management signaled a slower repurchase pace to retain flexibility, starting with about $750 million in Q1 2026.
- Guidance targets roughly 5% production growth in 2026 (about 3% in oil and gas) and a net investment plan near $15 billion that includes several billion for low‑carbon and electricity, supported by ramp‑ups in Brazil, Iraq, Qatar, Algeria and Uganda.