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Shell (SHEL) investor relations material
Shell Trading Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Trading Update summary7 Oct, 2025
Integrated gas and LNG
LNG liquefaction volumes expected to rise to 7.0–7.4 MT in Q3'25 from 6.7 MT in Q2'25, with production stable at 910–950 kboe/d.
Trading & optimisation performance anticipated to be significantly higher than Q2'25.
Underlying opex forecasted at $1.0–1.2 billion, and pre-tax depreciation at $1.4–1.8 billion.
Taxation charge expected between $0.4–0.7 billion.
Upstream
Production projected to increase to 1,790–1,890 kboe/d in Q3'25 from 1,732 kboe/d in Q2'25.
Underlying opex expected at $1.9–2.5 billion, with pre-tax depreciation at $2.3–2.9 billion.
Adjusted earnings to reflect a $0.2–0.4 billion negative impact from Brazil participation rebalancing.
Taxation charge forecasted at $1.5–2.3 billion.
Marketing
Sales volumes expected between 2,650–3,050 kb/d, with underlying opex at $2.4–2.8 billion.
Marketing adjusted earnings anticipated to be higher than Q2'25.
Taxation charge projected at $0.2–0.6 billion.
Quantify Brazil rebalancing impact on Upstream.
What caused Marketing segment impairment?
Drivers for Integrated Gas T&O increase?
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Next Shell earnings date
Q3 202530 Oct, 2025
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Frequently asked questions
Over 100 Years in Oil and Gas
Royal Dutch Shell, commonly known as Shell, is a British international energy company that has been part of the oil and gas industry for over a century. Shell's vast operations include the exploration, production, refining, distribution, and marketing of oil and natural gas, as well as the generation of renewable energy. The company can be recognized by its distinctive logo featuring a scallop shell.
A Long History in the Oil and Gas Industry
Royal Dutch Shell, more commonly known as Shell, was established in 1907 through the amalgamation of two separate entities: Royal Dutch Petroleum Company (founded in 1890 by Dutch entrepreneurs) and Shell Transport and Trading Company Ltd (started in 1897 by British businessman Marcus Samuel), and the merger was intended to compete against the then-dominant American oil company, Standard Oil. The name "Shell" was derived from the seashells that Samuel's company initially imported from the Far East.
In its early years, Shell capitalized on the burgeoning automobile industry's growing need for petroleum. The company expanded its operations worldwide, drilling in Venezuela, Russia, and the Middle East. By the mid-20th century, Shell had become one of the world's "supermajors" in the oil industry, and the modern company has existed in its current form since 2005.
Products and Services
Shell's product range is vast, encompassing various forms of energy. It is involved in the extraction of crude oil and natural gas, refining these resources into usable fuels and chemicals, and distributing them worldwide. The company also operates a network of retail service stations and supplies lubricants and bitumen. Moreover, Shell has branched out into renewable energy resources, venturing into biofuels, electric vehicle charging, and carbon capture and storage.
Market Presence and Impact
Shell's operations span across the globe, reaching customers in over 70 countries. Its products fuel vehicles, power industries, and heat homes, meeting the energy needs of millions of people every day. Shell's retail network is one of the largest in the world, supplying fuel and services to motorists and businesses. The oil and gas industry is competitive and filled with massive multinational companies like BP, ExxonMobil, and Chevron, to name a few.
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