Shell plc (NYSE: SHEL) reported Q4 EPS of $0.60, $1.14 worse than the analyst estimate of $1.74. Revenue for the quarter came in at $66.28 billion versus the consensus estimate of $69.22 billion.

OUTLOOK

Full year 2024 cash capital expenditure was $21 billion. Our cash capital expenditure range for the full year 2025 is
expected to be lower than our 2024 range, with more guidance to come at the Capital Markets Day 2025.
Integrated Gas production is expected to be approximately 930 - 990 thousand boe/d. First quarter 2025
outlook reflects Pearl GTL back in operation after a major turnaround. LNG liquefaction volumes are expected to
be approximately 6.6 - 7.2 million tonnes.
Upstream production is expected to be approximately 1,750 - 1,950 thousand boe/d.
Marketing sales volumes are expected to be approximately 2,500 - 3,000 thousand b/d.
Refinery utilisation is expected to be approximately 80% - 88%. Chemicals manufacturing plant utilisation is expected to
be approximately 78% - 86%.
Corporate Adjusted Earnings were a net expense of $380 million1 for the fourth quarter 2024. Corporate Adjusted
Earnings2 are expected to be a net expense of approximately $400 - $600 million in the first quarter 2025.

For earnings history and earnings-related data on Shell plc (SHEL) click here.