$壳牌(SHEL)$ Shell 2025q4 call

1)Reserve life from 9 to 8, influenced with Nigeria onshore selling ;

2)New capacity about 6 million needed globally;

3)8-10 mmtbu for long turn-on ,pay attention to long-term in over supply circle;

4)Free cash flow range 20-30 billion;

5)Gearing range 10-30% in the past 10 years,now 20%;