Shell plc (NYSE: SHEL) reported Q3 EPS of $0.93, $0.69 worse than the analyst estimate of $1.62. Revenue for the quarter came in at $68.15 billion versus the consensus estimate of $68.73 billion.

OUTLOOK FOR THE FOURTH QUARTER 2025

Full year 2024 cash capital expenditure was $21 billion. Our cash capital expenditure range for the full year 2025 is expected to be within $20 - $22 billion.

Integrated Gas production is expected to be approximately 920 - 980 thousand boe/d. LNG liquefaction volumes are expected to be approximately 7.4 - 8.0 million tonnes.

Upstream production is expected to be approximately 1,770 - 1,970 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 87% - 95%. Chemicals manufacturing plant utilisation is expected to be approximately 71% - 79%.

Corporate Adjusted Earnings1 were a net expense of $383 million for the third quarter 2025. Corporate Adjusted Earnings are expected to be a net expense of approximately $600 - $800 million in the fourth quarter 2025.

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