• Q1 2025 Adjusted Earnings(1) 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.
• 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(2), and SPDC3 in Nigeria.
• Disciplined capital allocation, with 2025 cash capex outlook of $20 - 22 billion.
• Commencing another $3.5 billion share buyback programme for the next 3 months, making this the 14th 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 - 50% of CFFO through the cycle distribution target announced at Capital Markets Day 2025.
• Resilient balance sheet with gearing (including leases) of 19%. 

(1) Income/(loss) attributable to shareholders for Q1 2025 is $4.8 billion.
(2) Completed on April 1, 2025.
(3) The Shell Petroleum Development Company of Nigeria Limited.

Shell plc Chief Executive Officer, Wael Sawan:
"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. 

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." 

PORTFOLIO DEVELOPMENTS

Integrated Gas
In March 2025, Shell completed the previously announced acquisition of 100% of the shares in Pavilion Energy Pte. Ltd. (Pavilion Energy). Pavilion Energy, headquartered in Singapore, operates a global LNG trading business with contracted supply volume of approximately 6.5 million tonnes per annum (mtpa).

Upstream
In January 2025, Shell announced the start of production at the Shell-operated Whale floating production facility in the Gulf of America. The Whale development is owned by Shell (60%, operator) and Chevron U.S.A. Inc. (40%).

In February 2025, Shell announced production restart at the Penguins field in the UK North Sea with a modern floating, production, storage and offloading (FPSO) facility (Shell 50%, operator; NEO Energy 50%). The previous export route for this field was via the Brent Charlie platform, which ceased production in 2021 and is being decommissioned.

In February 2025, Shell signed an agreement to acquire a 15.96% working interest from ConocoPhillips Company in the Shell-operated Ursa platform in the Gulf of America. The transaction completed on May 1, 2025 which increases Shell's working interest in the Ursa platform from 45.3884% to 61.3484%.

In March 2025, Shell completed the sale of SPDC to Renaissance, as announced in January 2024.

In March 2025, Shell announced the Final Investment Decision (FID) for Gato do Mato, a deep-water project in the pre-salt area of the Santos Basin, offshore Brazil. The Gato do Mato Consortium includes Shell (operator, 50%), Ecopetrol (30%), TotalEnergies (20%) and Pré-Sal Petróleo S.A. (PPSA) acting as the manager of the production sharing contract (PSC). 

Chemicals and Products
In January 2025, CNOOC and Shell Petrochemicals Company Limited (CSPC), a 50:50 joint venture between Shell and CNOOC Petrochemicals Investment Ltd, took an FID to expand its petrochemical complex in Daya Bay, Huizhou, south China.

In April 2025, Shell completed the previously announced sale of our Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd. (CAPGC), a joint venture between Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd.

In April 2025, Shell agreed to sell our 16.125% interest in Colonial Enterprises, Inc. (“Colonial”) to Colossus AcquireCo LLC, a wholly owned subsidiary of Brookfield Infrastructure Partners L.P. and its institutional partners (collectively, “Brookfield”), for $1.45 billion. The transaction is subject to regulatory approvals and is expected to close in the fourth quarter of 2025.

Renewables and Energy Solutions
In January 2025, Shell completed the previously announced acquisition of a 100% equity stake in RISEC Holdings, LLC, which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island, USA. 

OUTLOOK FOR THE SECOND QUARTER 2025

Full year 2024 cash capital expenditure was $21 billion. Shell's 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 890 - 950 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.3 - 6.9 million tonnes. Second quarter 2025 outlook reflects scheduled maintenance across the portfolio. 

Upstream production is expected to be approximately 1,560 - 1,760 thousand boe/d. Production outlook reflects the SPDC divestment in March 2025 and the scheduled maintenance across the portfolio.

Marketing sales volumes are expected to be approximately 2,600 - 3,100 thousand b/d. 

Refinery utilisation is expected to be approximately 87% - 95%. Chemicals manufacturing plant utilisation is expected to be approximately 74% - 82%. Second quarter 2025 utilisation outlook reflects the sale of the Energy and Chemicals Park in Singapore which was completed in April 2025. 

Corporate Adjusted Earnings were a net expense of $457 million for the first quarter 2025. Corporate Adjusted Earnings are expected to be a net expense of approximately $400 - $600 million in the second quarter 2025.

KeyFacts Energy: Shell UK country profile