Shell plc publishes first quarter 2025 press release
London, May 2, 2025
"Shell delivered another solid set of results in the first quarter of 2025. We further strengthened our leading LNG business by completing the acquisition of Pavilion Energy, and high-graded our portfolio with the completion of the Nigeria onshore and the Singapore Energy and Chemicals Park divestments.
Our strong performance and resilient balance sheet give us the confidence to commence another $3.5 billion of buybacks for the next three months, consistent with the strategic direction we set out at our Capital Markets Day in March."
Shell plc Chief Executive Officer, Wael Sawan
SOLID RESULTS; RESILIENT BALANCE SHEET; CONSISTENT DISTRIBUTIONS
- Q1 2025 Adjusted Earnings1 of $5.6 billion reflect strong performance across the business. CFFO excluding working capital was $11.9 billion for the quarter. Working capital outflow was $2.7 billion in Q1 2025.
- Strengthened LNG trading and optimisation capabilities with the Pavilion Energy acquisition and high-graded the portfolio with the completion of the divestments of the Singapore Energy and Chemicals Park2, and SPDC3 in Nigeria.
- Disciplined capital allocation, with 2025 cash capex outlook of $20 - 22 billion.
- Commencing another $3.5 billion share buyback programme for the next 3 months, making this the 14th consecutive quarter of at least $3 billion in buybacks. Total shareholder distributions paid over the last 4 quarters were 45% of CFFO, consistent with the 40 - 50% of CFFO through the cycle distribution target announced at Capital Markets Day 2025.
- Resilient balance sheet with gearing (including leases) of 19%.
| $ million1 | Adj. Earnings | Adj. EBITDA | CFFO | Cash capex | |
| Integrated Gas | 2,483 | 4,735 | 3,463 | 1,116 | |
| Upstream | 2,337 | 7,387 | 3,945 | 1,923 | |
| Marketing | 900 | 1,869 | 1,907 | 256 | |
| Chemicals & Products4 | 449 | 1,410 | 130 | 458 | |
| Renewables & Energy Solutions | (42) | 111 | 367 | 403 | |
| Corporate | (457) | (261) | (531) | 19 | |
| Less: Non-controlling interest (NCI) | 94 | | | | |
| Shell | Q1 2025 | 5,577 | 15,250 | 9,281 | 4,175 |
| Q4 2024 | 3,661 | 14,281 | 13,162 | 6,924 | |
1Income/(loss) attributable to shareholders for Q1 2025 is $4.8 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.
2 Completed on April 1, 2025.
3The Shell Petroleum Development Company of Nigeria Limited.
4Chemicals & Products Adjusted Earnings at a subsegment level are as follows: Chemicals $(0.1) billion and Products $0.6 billion.
- CFFO excluding working capital is $11.9 billion in Q1 2025 and reflects tax payments of $2.9 billion. Working capital outflow is $2.7 billion, consistent with outflows as we have seen in the first quarters of recent years.
- Net debt of $41.5 billion includes the lease additions related to the Pavilion Energy acquisition as well as a drawdown on the loan facilities provided at the completion of the sale of SPDC in Nigeria.
| $ billion1 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 |
| Working capital | (2.8) | (0.3) | 2.7 | 2.4 | (2.7) |
| Divestment proceeds | 1.0 | 0.8 | 0.2 | 0.8 | 0.6 |
| Free cash flow | 9.8 | 10.2 | 10.8 | 8.7 | 5.3 |
| Net debt | 40.5 | 38.3 | 35.2 | 38.8 | 41.5 |
1 Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.
Q1 2025 FINANCIAL PERFORMANCE DRIVERS
INTEGRATED GAS
| Key data | Q4 2024 | Q1 2025 | Q2 2025 outlook |
| Realised liquids price ($/bbl) | 63 | 64 | |
| Realised gas price ($/thousand scf) | 8.1 | 7.4 | |
| Production (kboe/d) | 905 | 927 | 890 - 950 |
| LNG liquefaction volumes (MT) | 7.1 | 6.6 | 6.3 - 6.9 |
| LNG sales volumes (MT) | 15.5 | 16.5 |
- Adjusted Earnings were higher than in Q4 2024, reflecting lower exploration well write-offs. Trading and optimisation results were in line with Q4 2024, despite higher unfavourable (non-cash) impact from expiring hedging contracts.
- Q2 2025 production and liquefaction outlook reflects higher scheduled maintenance across the portfolio.
UPSTREAM
| Key data | Q4 2024 | Q1 2025 | Q2 2025 outlook |
| Realised liquids price ($/bbl) | 71 | 71 | |
| Realised gas price ($/thousand scf) | 7.0 | 7.4 | |
| Liquids production (kboe/d) | 1,332 | 1,335 | |
| Gas production (million scf/d) | 3,056 | 3,020 | |
| Total production (kboe/d) | 1,859 | 1,855 | 1,560 - 1,760 |
- Adjusted Earnings were higher than in Q4 2024, reflecting lower depreciation following year-end reserves updates and lower well write-offs, partially offset by lower sales volumes.
- Q2 2025 production outlook reflects scheduled maintenance and the completed sale of SPDC in March 2025.
MARKETING
| Key data | Q4 2024 | Q1 2025 | Q2 2025 outlook |
| Marketing sales volumes (kb/d) | 2,795 | 2,674 | 2,600 - 3,100 |
| Mobility (kb/d) | 2,041 | 1,964 | |
| Lubricants (kb/d) | 77 | 87 | |
| Sectors & Decarbonisation (kb/d) | 678 | 623 |
- Adjusted Earnings were higher than in Q4 2024, supported by seasonally stronger margins in Lubricants.
CHEMICALS & PRODUCTS
| Key data | Q4 2024 | Q1 2025 | Q2 2025 outlook1 |
| Refinery processing intake (kb/d) | 1,215 | 1,362 | |
| Chemicals sales volumes (kT) | 2,926 | 2,813 | |
| Refinery utilisation (%) | 76 | 85 | 87 - 95 |
| Chemicals manufacturing plant utilisation (%) | 75 | 81 | 74 - 82 |
| Global indicative refining margin ($/bbl) | 5.5 | 6.2 | |
| Global indicative chemical margin ($/t) | 138 | 126 |
1Following the Singapore Energy and Chemicals Park divestment, IRM, ICM and associated sensitivities have been updated for Q2 2025; see the guidance tab of the Quarterly Databook, available at www.shell.com/investors.
- Trading and optimisation results were significantly higher than in Q4 2024 and in line with contributions in Q2 and Q3 of 2024, while the Chemicals results continued to be impacted by a weak margin environment.
- Q2 2025 outlook reflects the completed sale of the Energy and Chemicals Park in Singapore.
RENEWABLES & ENERGY SOLUTIONS
| Key data | Q4 2024 | Q1 2025 |
| External power sales (TWh) | 76 | 76 |
| Sales of pipeline gas to end-use customers (TWh) | 165 | 184 |
| Renewables power generation capacity (GW)* | 7.4 | 7.5 |
| 3.4 | 3.5 |
| 4.0 | 4.0 |
*Excludes Shell's equity share of associates where information cannot be obtained.
- Adjusted Earnings were higher than in Q4 2024, with higher seasonal demand and volatility driving higher trading and optimisation, particularly in the Americas.
Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.
CORPORATE
| Key data | Q4 2024 | Q1 2025 | Q2 2025 outlook |
| Adjusted Earnings ($ billion) | (0.4) | (0.5) | (0.6) - (0.4) |
UPCOMING INVESTOR EVENTS
| May 20, 2025 | Annual General Meeting |
| July 31, 2025 | Second quarter 2025 results and dividends |
| October 30, 2025 | Third quarter 2025 results and dividends |
USEFUL LINKS
Results materials Q1 2025
Quarterly Databook Q1 2025
Webcast registration Q1 2025
Dividend announcement Q1 2025
Capital Markets Day 2025 materials
ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES
This announcement includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, Adjusted EBITDA, CFFO excluding working capital movements, free cash flow, Divestment proceeds and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Shell plcs operating performance and ability to retire debt and invest in new business opportunities. Shell plcs management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance.
This announcement may contain certain forward-looking non-GAAP measures such as Adjusted Earnings and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile the non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of the company, such as oil and gas prices, interest rates and