Shell (SHEL) Trading Update summary

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.