{"id":111054,"date":"2025-05-02T03:12:00","date_gmt":"2025-05-02T06:12:00","guid":{"rendered":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/releases\/releases-geral\/shell-plc-publishes-first-quarter-2025-press-release\/"},"modified":"2025-05-02T03:12:00","modified_gmt":"2025-05-02T06:12:00","slug":"shell-plc-publishes-first-quarter-2025-press-release","status":"publish","type":"post","link":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/releases\/releases-geral\/shell-plc-publishes-first-quarter-2025-press-release\/","title":{"rendered":"Shell plc publishes first quarter 2025 press release"},"content":{"rendered":"<p><b><b>London, May 2, 2025<\/b><\/b><\/p>\n<p>&#8220;Shell delivered another solid set of results in the first quarter of 2025. We further strengthened our leading LNG business by completing the acquisition of Pavilion Energy, and high-graded our portfolio with the completion of the Nigeria onshore and the Singapore Energy and Chemicals Park divestments.<\/p>\n<p>Our strong performance and resilient balance sheet give us the confidence to commence another $3.5 billion of buybacks for the next three months, consistent with the strategic direction we set out at our Capital Markets Day in March.&#8221;<\/p>\n<p><strong><strong>Shell plc Chief Executive Officer, Wael Sawan<\/strong><\/strong><\/p>\n<p><strong><strong><br \/><\/strong><\/strong>\u00a0<\/p>\n<p><strong><strong>SOLID RESULTS; RESILIENT BALANCE SHEET; CONSISTENT DISTRIBUTIONS<\/strong><\/strong><\/p>\n<ul>\n<li>Q1 2025 Adjusted Earnings<sup>1<\/sup> of $5.6 billion reflect strong performance across the business. CFFO excluding working capital was $11.9 billion for the quarter. Working capital outflow was $2.7 billion in Q1 2025.<\/li>\n<li>Strengthened LNG trading and optimisation capabilities with the Pavilion Energy acquisition and high-graded the portfolio with the completion of the divestments of the Singapore Energy and Chemicals Park<sup>2<\/sup>, and SPDC<sup>3<\/sup> in Nigeria.<\/li>\n<li>Disciplined capital allocation, with 2025 cash capex outlook of $20 &#8211; 22 billion.<\/li>\n<li>Commencing another $3.5 billion share buyback programme for the next 3 months, making this the 14<sup>th<\/sup> consecutive quarter of at least $3 billion in buybacks. Total shareholder distributions paid over the last 4 quarters were 45% of CFFO, consistent with the 40 &#8211; 50% of CFFO through the cycle distribution target announced at Capital Markets Day 2025.<\/li>\n<li>Resilient balance sheet with gearing (including leases) of 19%.<\/li>\n<\/ul>\n<table style=\"border-collapse: collapse;margin-left:45pt;width:646px;border-collapse:collapse\">\n<tr>\n<td colspan=\"2\" style=\"width:198px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>$ million<sup>1<\/sup><\/strong> <\/td>\n<td style=\"width:103px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>Adj. Earnings<\/strong> <\/td>\n<td style=\"width:119px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>Adj. EBITDA<\/strong> <\/td>\n<td style=\"width:113px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>CFFO<\/strong> <\/td>\n<td style=\"width:113px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>Cash capex<\/strong> <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:198px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> Integrated Gas <\/td>\n<td style=\"width:103px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 2,483 <\/td>\n<td style=\"width:119px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 4,735 <\/td>\n<td style=\"width:113px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 3,463 <\/td>\n<td style=\"width:113px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 1,116 <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:198px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> Upstream <\/td>\n<td style=\"width:103px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 2,337 <\/td>\n<td style=\"width:119px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 7,387 <\/td>\n<td style=\"width:113px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 3,945 <\/td>\n<td style=\"width:113px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 1,923 <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:198px;border-left: solid black 1pt\"> Marketing <\/td>\n<td style=\"width:103px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-left: solid black 1pt\"> 900 <\/td>\n<td style=\"width:119px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-left: solid black 1pt\"> 1,869 <\/td>\n<td style=\"width:113px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-left: solid black 1pt\"> 1,907 <\/td>\n<td style=\"width:113px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-left: solid black 1pt\"> 256 <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:198px;border-top: solid black 1pt;border-left: solid black 1pt\"> Chemicals &amp; Products<sup>4<\/sup> <\/td>\n<td style=\"width:103px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-left: solid black 1pt\"> 449 <\/td>\n<td style=\"width:119px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-left: solid black 1pt\"> 1,410 <\/td>\n<td style=\"width:113px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-left: solid black 1pt\"> 130 <\/td>\n<td style=\"width:113px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt\"> 458 <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:198px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> Renewables &amp; Energy Solutions <\/td>\n<td style=\"width:103px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> (42) <\/td>\n<td style=\"width:119px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 111 <\/td>\n<td style=\"width:113px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 367 <\/td>\n<td style=\"width:113px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 403 <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:198px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> Corporate <\/td>\n<td style=\"width:103px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> (457) <\/td>\n<td style=\"width:119px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> (261) <\/td>\n<td style=\"width:113px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> (531) <\/td>\n<td style=\"width:113px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 19 <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:198px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> Less: Non-controlling interest (NCI) <\/td>\n<td style=\"width:103px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 94 <\/td>\n<td style=\"width:119px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\u00a0 <\/td>\n<td style=\"width:113px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\u00a0 <\/td>\n<td style=\"width:113px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\u00a0 <\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" style=\"width:83px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> Shell <\/td>\n<td style=\"width:115px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>Q1 2025<\/strong> <\/td>\n<td style=\"width:103px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 5,577 <\/td>\n<td style=\"width:119px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 15,250 <\/td>\n<td style=\"width:113px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 9,281 <\/td>\n<td style=\"width:113px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 4,175 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:115px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>Q4 2024<\/strong> <\/td>\n<td style=\"width:103px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 3,661 <\/td>\n<td style=\"width:119px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 14,281 <\/td>\n<td style=\"width:113px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 13,162 <\/td>\n<td style=\"width:113px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 6,924 <\/td>\n<\/tr>\n<\/table>\n<p style=\"padding-left:40px\"><sup>1<\/sup>Income\/(loss) attributable to shareholders for Q1 2025 is $4.8 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=8ndt8TYQ7m_8-GWyFjtPgQHpOKRKJr2I1SjaKQu7bMAWGq34b-CO6HW0F6RrSu1TbRhG9czgwQ2mpa51zoxqC0ttZU3nhI3_06GyWiLh824jDleYNYXK3m5t9-iu-yJV\" rel=\"nofollow\" target=\"_blank\">www.shell.com\/investors<\/a>.<br \/><sup>2 <\/sup>Completed on April 1, 2025.<br \/><sup>3<\/sup>The Shell Petroleum Development Company of Nigeria Limited.<br \/><sup>4<\/sup>Chemicals &amp; Products Adjusted Earnings at a subsegment level are as follows: Chemicals $(0.1) billion and Products $0.6 billion.<\/p>\n<p><em><br \/><\/em>\u00a0<\/p>\n<ul>\n<li>CFFO excluding working capital is $11.9 billion in Q1 2025 and reflects tax payments of $2.9 billion. Working capital outflow is $2.7 billion, consistent with outflows as we have seen in the first quarters of recent years.<\/li>\n<li>Net debt of $41.5 billion includes the lease additions related to the Pavilion Energy acquisition as well as a drawdown on the loan facilities provided at the completion of the sale of SPDC in Nigeria.\n<\/li>\n<\/ul>\n<table style=\"border-collapse: collapse;margin-left:54pt;width:600px;border-collapse:collapse\">\n<tr>\n<td style=\"width:165px;border-top: solid black 1pt;border-bottom: solid black 1pt\"> $ billion<sup>1<\/sup> <\/td>\n<td style=\"width:87px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> Q1 2024 <\/td>\n<td style=\"width:87px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> Q2 2024 <\/td>\n<td style=\"width:87px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> Q3 2024 <\/td>\n<td style=\"width:87px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> Q4 2024 <\/td>\n<td style=\"width:87px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> Q1 2025 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:165px;border-bottom: solid black 1pt\"> Working capital <\/td>\n<td style=\"width:87px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> (2.8) <\/td>\n<td style=\"width:87px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> (0.3) <\/td>\n<td style=\"width:87px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 2.7 <\/td>\n<td style=\"width:87px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 2.4 <\/td>\n<td style=\"width:87px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> (2.7) <\/td>\n<\/tr>\n<tr>\n<td style=\"width:165px;border-bottom: solid black 1pt\"> Divestment proceeds <\/td>\n<td style=\"width:87px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 1.0 <\/td>\n<td style=\"width:87px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 0.8 <\/td>\n<td style=\"width:87px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 0.2 <\/td>\n<td style=\"width:87px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 0.8 <\/td>\n<td style=\"width:87px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 0.6 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:165px;border-bottom: solid black 1pt\"> Free cash flow  <\/td>\n<td style=\"width:87px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 9.8 <\/td>\n<td style=\"width:87px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 10.2 <\/td>\n<td style=\"width:87px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 10.8 <\/td>\n<td style=\"width:87px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 8.7 <\/td>\n<td style=\"width:87px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 5.3 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:165px;border-bottom: solid black 1pt\"> Net debt <\/td>\n<td style=\"width:87px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 40.5 <\/td>\n<td style=\"width:87px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 38.3 <\/td>\n<td style=\"width:87px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 35.2 <\/td>\n<td style=\"width:87px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 38.8 <\/td>\n<td style=\"width:87px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 41.5 <\/td>\n<\/tr>\n<\/table>\n<p style=\"padding-left:80px\"><sup>1 <\/sup>Reconciliation of non-GAAP measures can be found in the unaudited results, available at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=8ndt8TYQ7m_8-GWyFjtPgQHpOKRKJr2I1SjaKQu7bMD1Vx7RJQ4ljj60HVmABzNjSFB9rAh7QKcY_5X2HPFDcC1rMYNNwjFVKgi1etdgzi1WsMAhyiJnOVrN4B-iylHj\" rel=\"nofollow\" target=\"_blank\">www.shell.com\/investors<\/a>.<\/p>\n<p><em><br \/><\/em>\u00a0<\/p>\n<p><strong>Q1 2025 FINANCIAL PERFORMANCE DRIVERS<\/strong><\/p>\n<p><strong>INTEGRATED GAS<\/strong><\/p>\n<table style=\"border-collapse: collapse;margin-left:31.5pt;width:576px;border-collapse:collapse\">\n<tr>\n<td style=\"width:227px;border-top: solid black 1pt;border-bottom: solid black 1pt\"> <strong>Key data<\/strong> <\/td>\n<td style=\"width:107px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>Q4 2024<\/strong> <\/td>\n<td style=\"width:121px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>Q1 2025<\/strong> <\/td>\n<td style=\"width:121px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>Q2 2025 outlook<\/strong> <\/td>\n<\/tr>\n<tr>\n<td style=\"width:227px;border-bottom: solid black 1pt;vertical-align: bottom\"> Realised liquids price ($\/bbl) <\/td>\n<td style=\"width:107px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 63 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 64 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\">  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:227px;border-bottom: solid black 1pt;vertical-align: bottom\"> Realised gas price ($\/thousand scf) <\/td>\n<td style=\"width:107px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 8.1 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 7.4 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\">  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:227px;border-bottom: solid black 1pt;vertical-align: bottom\"> Production (kboe\/d) <\/td>\n<td style=\"width:107px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 905 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 927 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 890 &#8211; 950 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:227px;border-bottom: solid black 1pt;vertical-align: bottom\"> LNG liquefaction volumes (MT) <\/td>\n<td style=\"width:107px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 7.1 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 6.6 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 6.3 &#8211; 6.9 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:227px;border-bottom: solid black 1pt;vertical-align: bottom\"> LNG sales volumes (MT) <\/td>\n<td style=\"width:107px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 15.5 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 16.5 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\">  <\/td>\n<\/tr>\n<\/table>\n<ul>\n<li>Adjusted Earnings were higher than in Q4 2024, reflecting lower exploration well write-offs. Trading and optimisation\u00a0results were in line with Q4 2024, despite higher unfavourable (non-cash) impact from expiring hedging contracts.<\/li>\n<li>Q2 2025 production and liquefaction outlook reflects higher scheduled maintenance across the portfolio.\n<\/li>\n<\/ul>\n<p><strong>UPSTREAM<\/strong><\/p>\n<table style=\"border-collapse: collapse;margin-left:31.5pt;width:602px;border-collapse:collapse\">\n<tr>\n<td style=\"width:227px;border-top: solid black 1pt;border-bottom: solid black 1pt\"> <strong>Key data<\/strong> <\/td>\n<td style=\"width:125px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>Q4 2024<\/strong> <\/td>\n<td style=\"width:125px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>Q1 2025<\/strong> <\/td>\n<td style=\"width:125px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>Q2 2025 outlook<\/strong> <\/td>\n<\/tr>\n<tr>\n<td style=\"width:227px;border-bottom: solid black 1pt;vertical-align: bottom\"> Realised liquids price ($\/bbl) <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 71 <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\"> 71 <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:227px;border-bottom: solid black 1pt;vertical-align: bottom\"> Realised gas price ($\/thousand scf) <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\"> 7.0 <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\"> 7.4 <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:227px;border-bottom: solid black 1pt;vertical-align: bottom\"> Liquids production (kboe\/d) <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 1,332 <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 1,335 <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:227px;border-bottom: solid black 1pt;vertical-align: bottom\"> Gas production (million scf\/d) <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 3,056 <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 3,020 <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:227px;border-bottom: solid black 1pt;vertical-align: bottom\"> Total production (kboe\/d) <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 1,859 <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 1,855 <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\"> 1,560 &#8211; 1,760 <\/td>\n<\/tr>\n<\/table>\n<ul>\n<li>Adjusted Earnings were higher than in Q4 2024, reflecting lower depreciation following year-end reserves updates\u00a0and lower well write-offs, partially offset by lower sales volumes.<\/li>\n<li>Q2 2025 production outlook reflects scheduled maintenance and the completed sale of SPDC in March 2025.\n<\/li>\n<\/ul>\n<p><strong><strong>MARKETING<\/strong><\/strong><\/p>\n<table style=\"border-collapse: collapse;margin-left:31.5pt;width:602px;border-collapse:collapse\">\n<tr>\n<td style=\"width:227px;border-top: solid black 1pt;border-bottom: solid black 1pt\"> <strong>Key data<\/strong> <\/td>\n<td style=\"width:125px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>Q4 2024<\/strong> <\/td>\n<td style=\"width:125px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>Q1 2025<\/strong> <\/td>\n<td style=\"width:125px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>Q2 2025 outlook<\/strong> <\/td>\n<\/tr>\n<tr>\n<td style=\"width:227px;border-bottom: solid black 1pt;vertical-align: bottom\"> Marketing sales volumes (kb\/d) <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 2,795 <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 2,674 <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\"> 2,600 &#8211; 3,100 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:227px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\"> Mobility (kb\/d) <\/td>\n<td style=\"width:125px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 2,041 <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 1,964 <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:227px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\"> Lubricants (kb\/d) <\/td>\n<td style=\"width:125px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 77 <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 87 <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:227px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\"> Sectors &amp; Decarbonisation (kb\/d) <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\"> 678 <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\"> 623 <\/td>\n<td style=\"width:125px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\">  <\/td>\n<\/tr>\n<\/table>\n<ul>\n<li>Adjusted Earnings were higher than in Q4 2024, supported by seasonally stronger margins in Lubricants.\n<\/li>\n<\/ul>\n<p><strong>CHEMICALS &amp; PRODUCTS<\/strong><\/p>\n<table style=\"border-collapse: collapse;margin-left:31.5pt;width:620px;border-collapse:collapse\">\n<tr>\n<td style=\"width:257px;border-top: solid black 1pt;border-bottom: solid black 1pt\"> <strong>Key data<\/strong> <\/td>\n<td style=\"width:121px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>Q4 2024<\/strong> <\/td>\n<td style=\"width:121px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>Q1 2025<\/strong> <\/td>\n<td style=\"width:121px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>Q2 2025 outlook<sup>1<\/sup><\/strong> <\/td>\n<\/tr>\n<tr>\n<td style=\"width:257px;border-bottom: solid black 1pt;vertical-align: bottom\"> Refinery processing intake (kb\/d) <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 1,215 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 1,362 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:257px;border-bottom: solid black 1pt;vertical-align: bottom\"> Chemicals sales volumes (kT) <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\"> 2,926 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\"> 2,813 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:257px;border-bottom: solid black 1pt;vertical-align: bottom\"> Refinery utilisation (%) <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\"> 76 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\"> 85 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\"> 87 &#8211; 95 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:257px;border-bottom: solid black 1pt;vertical-align: bottom\"> Chemicals manufacturing plant utilisation (%) <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\"> 75 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\"> 81 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\"> 74 &#8211; 82 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:257px;border-bottom: solid black 1pt;vertical-align: bottom\"> Global indicative refining margin ($\/bbl) <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\"> 5.5 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\"> 6.2 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:257px;border-bottom: solid black 1pt;vertical-align: bottom\"> Global indicative chemical margin ($\/t) <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 138 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 126 <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">  <\/td>\n<\/tr>\n<\/table>\n<p style=\"padding-left:40px\"><sup>1<\/sup>Following the Singapore Energy and Chemicals Park divestment, IRM, ICM and associated sensitivities have been updated for Q2 2025; see the guidance tab of the Quarterly Databook,\u00a0available at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=8ndt8TYQ7m_8-GWyFjtPgQHpOKRKJr2I1SjaKQu7bMALltGFjDNIxECb_8oeUS-jm1OwzyzGS8laVb0PJMHFip27w9YCkTFnNjmG5sRB_TVy4Lq39iwXLY0oBNQD8atS\" rel=\"nofollow\" target=\"_blank\">www.shell.com\/investors<\/a>.<\/p>\n<ul>\n<li>Trading and optimisation results were significantly higher than in Q4 2024 and in line with contributions in Q2 and Q3 of\u00a02024, while the Chemicals results continued to be impacted by a weak margin environment.<\/li>\n<li>Q2 2025 outlook reflects the completed sale of the Energy and Chemicals Park in Singapore.\n<\/li>\n<\/ul>\n<p><strong>RENEWABLES &amp; ENERGY SOLUTIONS<\/strong><\/p>\n<table style=\"border-collapse: collapse;margin-left:29.7pt;width:561px;border-collapse:collapse\">\n<tr>\n<td style=\"width:347px;border-top: solid black 1pt;border-bottom: solid black 1pt\"> <strong>Key data<\/strong> <\/td>\n<td style=\"width:107px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>Q4 2024<\/strong> <\/td>\n<td style=\"width:107px;text-align: center;vertical-align: middle\"> <strong>Q1 2025<\/strong> <\/td>\n<\/tr>\n<tr>\n<td style=\"width:347px;border-bottom: solid black 1pt;vertical-align: bottom\"> External power sales (TWh) <\/td>\n<td style=\"width:107px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 76 <\/td>\n<td style=\"width:107px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 76 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:347px;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\"> Sales of pipeline gas to end-use customers (TWh) <\/td>\n<td style=\"width:107px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 165 <\/td>\n<td style=\"width:107px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 184 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:347px;border-bottom: solid black 1pt;vertical-align: bottom\"> Renewables power generation capacity (GW)* <\/td>\n<td style=\"width:107px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 7.4 <\/td>\n<td style=\"width:107px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 7.5 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:347px;border-bottom: solid black 1pt;vertical-align: bottom\">\n<ul>\n<li style=\"margin-top:1.65pt;margin-bottom:1.5pt\">in operation (GW)<\/li>\n<\/ul>\n<\/td>\n<td style=\"width:107px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 3.4 <\/td>\n<td style=\"width:107px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 3.5 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:347px;border-bottom: solid black 1pt;vertical-align: bottom\">\n<ul>\n<li style=\"margin-top:1.65pt;margin-bottom:1.5pt\">under construction and\/or committed for sale (GW)<\/li>\n<\/ul>\n<\/td>\n<td style=\"width:107px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 4.0 <\/td>\n<td style=\"width:107px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> 4.0 <\/td>\n<\/tr>\n<\/table>\n<p style=\"padding-left:40px\">*Excludes Shell&#8217;s equity share of associates where information cannot be obtained.<\/p>\n<ul>\n<li>Adjusted Earnings were higher than in Q4 2024, with higher seasonal demand and volatility driving higher trading and optimisation, particularly in the Americas.<\/li>\n<\/ul>\n<p>Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.<\/p>\n<p><strong>CORPORATE<\/strong><\/p>\n<table style=\"border-collapse: collapse;margin-left:31.5pt;width:531px;border-collapse:collapse\">\n<tr>\n<td style=\"width:168px;border-top: solid black 1pt;border-bottom: solid black 1pt\"> <strong>Key data<\/strong> <\/td>\n<td style=\"width:121px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>Q4 2024<\/strong> <\/td>\n<td style=\"width:121px;text-align: center;vertical-align: middle;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"> <strong>Q1 2025<\/strong> <\/td>\n<td style=\"width:121px;text-align: center;vertical-align: middle\"> <strong>Q2 2025 outlook<\/strong> <\/td>\n<\/tr>\n<tr>\n<td style=\"width:168px;border-bottom: solid black 1pt;vertical-align: bottom\"> Adjusted Earnings ($ billion) <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> (0.4) <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> (0.5) <\/td>\n<td style=\"width:121px;vertical-align: middle;text-align: left;padding-left: 10.0px;text-align: center;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\"> (0.6) &#8211; (0.4) <\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<p><strong>UPCOMING INVESTOR EVENTS<\/strong><\/p>\n<table style=\"border-collapse: collapse;margin-left:27pt;width:478px;border-collapse:collapse\">\n<tr>\n<td style=\"width:119.27px\"> May 20, 2025 <\/td>\n<td style=\"width:358.6px\"> Annual General Meeting <\/td>\n<\/tr>\n<tr>\n<td style=\"width:119.27px\"> July 31, 2025 <\/td>\n<td style=\"width:358.6px\"> Second quarter 2025 results and dividends <\/td>\n<\/tr>\n<tr>\n<td style=\"width:119.27px\"> October 30, 2025 <\/td>\n<td style=\"width:358.6px\"> Third quarter 2025 results and dividends <\/td>\n<\/tr>\n<\/table>\n<p><b><br \/><\/b>\u00a0<\/p>\n<p><strong>USEFUL LINKS<\/strong><\/p>\n<p><b><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=oTvmIl0ecV3QI9a0G1IU3zU-kFTjLzQNFx4eMBL0Tp-yL3_d5guZfZKPe8aL8OxgoCUFC460zxTgTrK6wPTv0WFtIEC5rNjenoXnB4jE-_ouuRivzWACy-VAIHJMwgoP0ZPfWCKHPH02dsJzNBQFL90Vrz0DZAByslYbeoKnzEyEARRGj7vMHcbPa-Yy4F2-\" rel=\"nofollow\" 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href=\"https:\/\/www.globenewswire.com\/Tracker?data=kNOgIyiJz_YaMpK6Peh1FIwygffaLVa-ECLv7y5nE9iHucTSLqsLTUqjR1zFdddYvp10AirJ6uYZXuhxTMNmADkly2EyTvjEnp9cPIVNWOaVhqhWFH4weux6ECOq64ThcMgUpbQK_5BRxMuIsuPD8GhBqDqiYTH-OhIKvCpDoDw=\" rel=\"nofollow\" target=\"_blank\">kets Day<\/a><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=rfc4qaOuWpuxdBA5CrWqTJPol4ppPHArYzVGnfgU0Z6l8SWEg7NQ2elCQaXSnjFKL-9PQlRGf99rA0RVEkclhX4AXs0f0yubyl6ee3KC3_-HHGcZSvru7770-kK3tfwlWjWn2P0ZlcFyLtLc-Pki_o42fC3xJFaWnwcwOlUkeUw=\" rel=\"nofollow\" target=\"_blank\"> 2025<\/a> <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=rhthRmdy2vanDnqz3sL0h-iDajsFWjleorvpW_yBz0gThUlW9ZqThc4IrazVztluh-YbDkG4T7cGiCBLkwRnHDg_gwjJz4ugdhYMg-sE4KgTVYDy_sjf5sg-7jIGy7tOLD22tjh3alBZ5rDElv_WMIIw9qWtRY4Ug6ft3dpQSZs=\" rel=\"nofollow\" target=\"_blank\">materials<\/a><br \/><\/b><\/p>\n<p><b><br \/><\/b>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES<br \/>This announcement includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, Adjusted EBITDA, CFFO excluding working capital movements, free cash flow, Divestment proceeds and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Shell plcs operating performance and ability to retire debt and invest in new business opportunities. Shell plcs management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance.<\/p>\n<p>This announcement may contain certain forward-looking non-GAAP measures such as Adjusted Earnings 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 the non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of the company, such as oil and gas prices, interest rates and <\/p>\n","protected":false},"excerpt":{"rendered":"London, May 2, 2025\n&#8220;Shell delivered another solid set of results in the first quarter of 2025. We further strengthened our leading LNG business by comp","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[34],"tags":[],"class_list":["post-111054","post","type-post","status-publish","format-standard","hentry","category-releases-geral"],"acf":[],"_links":{"self":[{"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/posts\/111054","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/comments?post=111054"}],"version-history":[{"count":0,"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/posts\/111054\/revisions"}],"wp:attachment":[{"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/media?parent=111054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/categories?post=111054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/tags?post=111054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}