Central venous-to-arterial carbon dioxide difference (PCO) has demonstrated its prognostic value in critically ill patients suffering from shock, and current expert recommendations advocate for further resuscitation interventions when PCO is elevated. PCO combination with arterial-venous oxygen content difference (PCO/CO) seems to enhance its performance when assessing anaerobic metabolism. However, the fact that PCO values might be altered by changes in blood O content (the Haldane effect), has been presented as a limitation of PCO-derived variables. The present study aimed at exploring the impact of hyperoxia on PCO and PCO/CO during the early phase of shock. Prospective interventional study. Ventilated patients suffering from shock within the first 24 h of ICU admission. Patients requiring FiO ≥ 0.5 were excluded. At inclusion, simultaneous arterial and central venous blood samples were collected. Patients underwent a hyperoxygenation test (5 min of FiO 100%), and arterial and central venous blood samples were repeated. Oxygenation and CO variables were calculated at both time points. Twenty patients were studied. The main cause of shock was septic shock (70%). The hyperoxygenation trial increased oxygenation parameters in arterial and venous blood, whereas PCO only changed at the venous site. Resulting PCO and PCO/CO significantly increased [6.8 (4.9, 8.1) vs. 7.6 (6.7, 8.5) mmHg, p 0.001; and 1.9 (1.4, 2.2) vs. 2.3 (1.8, 3), p < 0.001, respectively]. Baseline PCO, PCO/CO and SO correlated with the magnitude of PO augmentation at the venous site within the trial (ρ -0.46, p 0.04; ρ 0.6, p < 0.01; and ρ 0.7, p < 0.001, respectively). Increased PCO/CO values were associated with higher mortality in our sample [1.46 (1.21, 1.89) survivors vs. 2.23 (1.86, 2.8) non-survivors, p < 0.01]. PCO and PCO/CO are influenced by oxygenation changes not related to flow. Elevated PCO and PCO/CO values might not only derive from cardiac output inadequacy, but also from venous hyperoxia. Elevated PCO/CO values were associated with higher PO transmission to the venous compartment, suggesting higher shunting phenomena.