Quarterly Results
On Thursday October 30th 2025 Shell plc released its third quarter results and third quarter interim dividend announcement for 2025.
Shell plc Q3 2025 results
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Quarterly results Q&A session
Quarterly Results Presentation
Title: Q3 25
Duration: 00:05:27
Description:
Video footage of the presentation of the results of the Q3 2025
[Background music begins]
[Shell’s mnemonic plays]
[Video Footage]
A white background with the Shell logo in the bottom-left corner. A grey outline ripples outwards from the Shell logo. The ripples continue as the logo fades in, becoming more solid and colourful and grey on-screen text appears.
[Text Displays]
Third Quarter 2025
Results
[Video Footage]
The title is underlined by a yellow line as further text appears.
[Text Displays]
Operational Performance Driving Another Strong Set of Results
Shell plc
30th October 2025
#PoweringProgress
[Video Footage]
The image fades to reveal Sinead Gorman standing in a wood-panelled room with the rippling Shell logo on the wall behind her. A white text box with a yellow accent appears in the bottom-left corner of the screen.
[Text Displays]
Sinead Gorman Shell CFO
Sinead Gorman
Welcome to Shell's third quarter 2025 results presentation.
[Video Footage]
The yellow accent of the text box spreads across to fill it before retracting and removing the text box from the screen.
Sinead Gorman
This quarter we delivered another strong set of results.
[Video Footage]
The white background with the grey, rippling Shell logo returns. A grey text box appears in the centre of the screen with white text inside.
[Text Displays]
Q3 2025 Adjusted Earnings
$5.4 BILLION
Sinead Gorman
Our Adjusted Earnings were 5.4 billion dollars
[Video Footage]
The text disappears and is replaced by new text.
[Text Displays]
Q3 2025 CFFO
$12.2 BILLION
Sinead Gorman
and we generated 12.2 billion dollars in cash flow from operations.
[Video Footage]
The background fades, revealing Sinead Gorman in the wood-panelled room once again.
Sinead Gorman
The quarter-on-quarter improvement was driven by strong performance across our businesses with all demonstrating positive momentum.
[Video Footage]
The camera zooms in, showing Sinead from the shoulders up.
Sinead Gorman
This quarter clearly illustrates…
[Video Footage]
Sinead is repositioned on the left-hand side of the shot and a grey text appears next to her, with white text inside, each word of which is underlined in yellow.
[Text Displays]
Performance
Discipline
Simplification
Sinead Gorman
…how our focus on performance, discipline and simplification is laying the foundations of a winning performance culture across Shell.
[Video Footage]
The text box disappears and another appears in the same place.
[Text Displays]
Performance
Sinead Gorman
So, let's start with performance.
[Video Footage]
The white background returns and superimposed on top is footage of a circular facility with metal structures and pipes attached, which is situated near the water. Two ships are docked at the shore.
Sinead Gorman
In Integrated Gas, strong operational delivery drove higher liquefaction volumes…
[Video Footage]
The footage disappears and is replaced by split-screen footage of a Shell employee operating machinery on the left and a system of pipes attached to the facility on the right.
Sinead Gorman
…which in turn enabled a higher contribution from LNG trading and optimisation this quarter.
[Video Footage]
A new split-screen, this time showing an office with a number of people working at computers with multiple monitors on the left, and on the right a natural gas pipe. The footage disappears and is replaced by aerial footage of an LNG facility.
Sinead Gorman
The start-up of LNG Canada...
[Video Footage]
The footage changes to show a ship, docked next to the facility.
Sinead Gorman
…where 13 cargoes were delivered from Train 1 in Q3…
[Video Footage]
The footage changes to show a ship out on the water, with other smaller boats in the water around it.
Sinead Gorman
…contributed to these volumes...
[Video Footage]
The footage changes to show a split-screen of the ship on the water from different angles, with snow-capped mountains in the background.
Sinead Gorman
…and there is more to come...
[Video Footage]
The split-screen changes, now showing 2 Shell employees in PPE, standing next to some pipes on the left and a large metal reservoir on the right.
Sinead Gorman
…with the expected start-up…
[Video Footage]
The footage changes, now showing full-screen footage of 2 people sitting at a computer, looking at a monitor which is displaying data.
Sinead Gorman
…of Train 2 later this quarter.
[Video Footage]
The footage changes, now showing people standing in front of a large, wall-mounted monitor. The footage fades and we see Sinead in the wall-panelled space once again.
Sinead Gorman
In Upstream, our strong operational performance resulted in higher production.
[Video Footage]
The footage returns and shows a split-screen of two offshore facilities, with extensive metal structures and in the footage on the left, a small ship is alongside the facility.
Sinead Gorman
Together, Brazil and the Gulf of America made up more than half of our liquids production in Upstream...
[Video Footage]
The footage expands to full screen, now showing the Brazilian facility from above.
Sinead Gorman
In Brazil, we achieved our highest-ever quarterly production.
[Video Footage]
The footage changes to show the facility in the Gulf of America.
Sinead Gorman
And in the Gulf of America, we reached our highest quarterly production level…
[Video Footage]
The footage changes to show an array of many vertical metal pipes, with a large mechanical device in the centre, with a tube running away from it.
Sinead Gorman
…since 2005.
[Video Footage]
The footage changes showing the Gulf of America offshore facility with a ship approaching it from a distance.
Sinead Gorman
Both were supported by successful project ramp-ups…
Sinead Gorman
…such as the Whale project in the Gulf of America…
[Video Footage]
The footage changes showing two people sitting behind a collection of computer monitors, one of them is speaking into a hand-held radio.
Sinead Gorman
…which reached nameplate capacity…
[Video Footage]
The footage changes showing two people, two sitting at computers and another standing beside one of them.
Sinead Gorman
…with wells producing…
[Video Footage]
The footage changes showing a representative graphical image of the Whale project, with the offshore facility connected to underwater locations via pipes. The image changes soon after to show the facility in the foreground as the sun sets over the water behind it.
Sinead Gorman
…above the investment case expectations.
[Video Footage]
The footage changes showing Sinead in the wood-panelled room once again.
Sinead Gorman
This was achieved in less than half the expected time, showing the benefit of our design one, build many philosophy.
[Video Footage]
The shot of Sinead from the shoulders up.
Sinead Gorman
And we also saw numerous examples of operational excellence in other parts of the company.
[Video Footage]
The footage covers the screen once again, now showing a Shell Fuel station at night, illuminated by lights. The scene changes rapidly from night to day.
Sinead Gorman
In Marketing...
[Video Footage]
The footage changes, showing different parts of the fuel station and vehicles driving onto the forecourt.
Sinead Gorman
…the business delivered its second-highest quarterly Adjusted Earnings in over a decade, as we continue to capture more value through growing margins of our premium products.
[Video Footage]
The footage changes to show Sinead in the wood-panelled room once more.
Sinead Gorman
Chemicals and Products results also improved quarter on quarter, with stronger crude and products trading, whilst Chemicals continues to face challenges with weak margins.
[Video Footage]
The shot adjusts as before, with Sinead on the left and a text box on the right.
[Text Displays]
Simplification
Sinead Gorman
Moving to our second focus area, simplification, where the organisation is making real progress.
[Video Footage]
The footage returns to the screen, now showing various angles of a Shell employee
wearing PPE adjusting a set of valves which are attached to metal piping.
Sinead Gorman
At our QGC asset in Australia, for instance, production reached an all-time high in the third quarter. This was supported by a reduction of almost 90% in well site permits, ensuring operations are not only safe and fit for purpose…
[Video Footage]
The footage changes to show Sinead in the wood-panelled room once more.
Sinead Gorman
…but also allowing the team to free up time for even more value-added activities.
[Video Footage]
The footage changes, showing the shot of Sinead from the shoulders up.
Sinead Gorman
We're also simplifying our portfolio, just as we said we would…
[Video Footage]
The footage returns, now showing the trading floor of the New York Stock Exchange with the Shell logo and its stock exchange listing on large monitors around the room.
Sinead Gorman
…at Capital Markets Day.
[Video Footage]
Sinead and Wael Sawan being interviewed on the trading floor.
Sinead Gorman
We continue to maintain a relentless focus…
[Video Footage]
Wael Sawan speaking from a podium at the New York Stock Exchange.
Sinead Gorman
…on value over volume…
[Video Footage]
Multiple angles of Sinead speaking from the same podium.
Sinead Gorman
…high-grading the portfolio where we see the opportunities to do so.
[Video Footage]
Sinead from the shoulders up in the wood-panelled room once again.
Sinead Gorman
And you can see this in our Mobility business. Year-to-date, we've divested or closed some 400 lower-performing retail sites.
[Video Footage]
The shot zooms out once again.
Sinead Gorman
Beyond Mobility, we've completed the divestment of the non-core interest in the Colonial Pipeline, which generated around 1 billion dollars in proceeds.
[Video Footage]
The footage returns, this time showing sweeping video footage of a large array of solar panels.
Sinead Gorman
And we also completed the sell-down of five Savion solar projects, as part of our power strategy, where we are allocating capital to parts of the value chain…
[Video Footage]
Sinead in the wood-panelled room once again.
Sinead Gorman
…that offer higher returns and where we have differentiated capabilities.
[Video Footage]
Sinead once again on the left, with a text box to her right.
[Text Displays]
Discipline
Sinead Gorman
Our third key focus area is discipline. We take our responsibility as custodians of shareholders' capital extremely seriously…
[Video Footage]
The footage zooms back out once again.
Sinead Gorman
...and that is why we made the difficult but value-driven decision to not restart the construction of our HEFA biofuels facility in Rotterdam.
[Video Footage]
The footage zooms back in to show Sinead from the shoulders up.
Sinead Gorman
And we continue to apply that rigorous value-driven lens to all of our investments.
[Video Footage]
The footage zooms back out.
Sinead Gorman
Our disciplined approach to capital allocation allows us to remain resilient throughout the cycle…
[Video Footage]
The white background with the rippling grey Shell logo returns, and text appears.
[Text Displays]
2025 Cash capex outlook
[Video Footage]
A graphic showing a demarcated line appears in the middle of the screen, with the yellow highlighted section in the middle labelled from 20 to 22. The line has an overall label of billions of dollars.
Sinead Gorman
…while continuing to invest in growth within our 20-22 billion dollar cash capex range...
[Video Footage]
The background fades, revealing Sinead in the wood-panelled room once again.
Sinead Gorman
…such as the H.I. gas development project in Nigeria, where we took a final investment decision this month.
[Video Footage]
The shot zooms in once again, showing Sinead from the shoulders up.
Sinead Gorman
Looking at our financial framework more broadly, in Q3 our net debt decreased as we continue to maintain a strong balance sheet. We also continue to deliver attractive shareholder distributions.
[Video Footage]
The shot once again with Sinead on the left and a text box next to her.
[Text Displays]
4-Quarter rolling shareholder distributions
48%
Sinead Gorman
And at the end of Q3, our 4-quarter rolling shareholder distributions were 48% of CFFO…
[Video Footage]
The background with the rippling logo returns and a new text box appears in the centre.
[Text Displays]
Shareholder distributions
40-50%
of CFFO through the cycle
Sinead Gorman
…in line with our target range of 40 to 50% of CFFO through the cycle.
[Video Footage]
The shot of Sinead on the left once again, a new text box appears.
[Text Displays]
Share buyback programme
$3.5 BILLION
Sinead Gorman
And today, we announced another 3.5 billion dollar share buyback programme, which we expect to complete by the time of our Q4 results announcement.
[Video Footage]
The white background with the rippling logo returns, in the centre of the screen is a line chart with the y axis labelled in billions of dollars and the x axis labelled by year, with quarterly markers. A yellow line appears on the bottom left of the chart and extends to the right, getting progressively higher. The line chart has a title above.
[Text Displays]
Cumulative announced buybacks over
16 QUARTERS
Sinead Gorman
This marks the 16th consecutive quarter in which we have announced 3 billion dollars or more in buybacks.
[Video Footage]
Sinead in the wood-panelled room once again.
Sinead Gorman
Once this programme is completed, we will have repurchased more than a quarter of our shares over the last 4 years.
[Video Footage]
The shot zooms in, showing Sinead from the shoulders up.
Sinead Gorman
So, to summarise...
[Video Footage]
The video footage returns, this time showing 2 Shell employees in PPE, standing on the deck of an offshore facility, pointing towards some of the yellow pipes above them.
Sinead Gorman
…in Q3 we delivered strong financial results...
[Video Footage]
The shot changes to show the offshore silhouetted against the sunset. This shot changes soon after to show a split-screen of people sitting at computers in an office on the left and a man holding a hand-radio on the right.
Sinead Gorman
…improving our performance quarter on quarter.
[Video Footage]
The shot changes with the image on the left now showing metal pipes with a larger hanging pipe on a crane moving in the centre. On the right is aerial footage of a ship.
Sinead Gorman
This improvement was driven…
[Video Footage]
The shot changes, with the footage on the left now showing a Shell employee talking with a smiling man. On the right is a bottle of Shell HELIX ULTRA being poured into an engine.
Sinead Gorman
…by strong operational performance…
[Video Footage]
The shot changes, showing a Shell employee wearing PPE and turning a large wheel on the left, and aerial footage of a facility with many pipes, structures and cranes on the right.
Sinead Gorman
…across the company.
[Video Footage]
The shot changes, now showing full-screen footage of a ship moving across the water, with cloud-covered mountains in the background.
Sinead Gorman
And we'll keep delivering on what we say…
[Video Footage]
The shot changes, showing Sinead on the left side of the shot, in the wood-panelled room. A text box appears to her right.
[Text Displays]
Performance
Discipline
Simplification
Sinead Gorman
…focusing on performance, discipline and simplification…
[Video Footage]
The text box disappears and a new one takes its place.
[Text Displays]
More value
Less emissions
Sinead Gorman
…so we can continue to deliver more value with less emissions.
[Video Footage]
The shot zooms out, showing Sinead in the wood-panelled room once again.
Sinead Gorman
Thank you.
[Video Footage]
The white background returns, with text on it.
[Text Displays]
Thank you for your interest in Shell plc. Please understand that an investment in Shell plc securities carries with it risk that you could sustain losses as a result of your investment. Therefore, an investment in Shell plc securities may not be appropriate for all investors. Accordingly, before investing in our securities we urge you to read our Annual Report and Form 20-F and consider the risks discussed within. You can find our full disclaimer on the next slide in this presentation. You can download the full presentation slides, including the disclaimer, and our Annual Report and Form 20-F at www.shell.com/investors
Shell plc October 30th, 2025
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The image changes to show the definitions and cautionary note.
[Text Displays]
Definitions & cautionary note
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this presentation “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this presentation refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
This presentation contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”; “aspiration”; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this presentation, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F and amendment thereto for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this presentation and should be considered by the reader. Each forward-looking statement speaks only as of the date of this presentation, October 30, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this presentation.
Also, in this presentation we may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.
Shell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.
This presentation may contain certain forward-looking non-GAAP measures such as capital expenditure 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 those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.
The contents of websites referred to in this presentation do not form part of this presentation.
We may have used certain terms, such as resources, in this presentation that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F and any amendment thereto, File No 1-32575, available on the SEC website www.sec.gov
Contacts Media: International +44 207 934 5550; U.S. and Canada: Contact form
Shell plc October 30th, 2025
[Video Footage]
The slide disappears.
The Shell logo sits in the middle of a white background, casting a small shadow to the left. The logo bounces against the background sparking the logo’s grey outline to ripple outwards.
[Text Displays]
#ShellResults
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