Business
Shell first quarter 2025 update note
Shell first quarter 2025 update note.
About this update from Shell Plc
[{"type":"text","content":"\n\n \n \n\n Shell first quarter 2025 update note\n\n The following is an update to the first quarter 2025 outlook and gives an overview of our current expectations for the first quarter. Outlooks presented may vary from the actual first quarter 2025 results and are subject to finalisation of those results, which are scheduled to be published on May 2, 2025. Unless otherwise indicated, all outlook statements exclude identified items. See appendix for the definition of the non-GAAP measure used and the most comparable GAAP measure. Integrated Gas $ billions Q4’24 Q1’25 Outlook Comment Adjusted EBITDA: Production (kboe/d) 905 910 - 950 Impacted by unplanned maintenance, including in Australia. LNG liquefaction volumes (MT) 7.1 6.4 - 6.8 Reflects weather impact (cyclones) and unplanned maintenance in Australia. Underlying opex 1.0 0.9 - 1.1 Adjusted Earnings: Pre-tax depreciation 1.4 1.2 - 1.6 Taxation charge 0.6 0.7 - 1.0 Other Considerations: Trading & Optimisation results are expected to be in line with Q4’24, despite a higher (non-cash) impact from expiring hedge contracts compared to the previous quarter. Upstream $ billions Q4’24 Q1’25 Outlook Comment Adjusted EBITDA: Production (kboe/d) 1,859 1,790 - 1,890 Underlying opex 2.5 2.1 - 2.7 Adjusted Earnings: Pre-tax depreciation 2.8 1.9 - 2.5 Taxation charge 2.6 2.4 - 3.2 Other Considerations: The share of profit / (loss) of joint ventures and associates in Q1’25 is expected to be ~$0.2 billion. Q1’25 exploration well write-offs are expected to be ~$0.1 billion.The Q1’25 outlook reflects the completion of the SPDC divestment in March 2025. Marketing $ billions Q4’24 Q1’25 Outlook Comment Adjusted EBITDA: Sales volumes (kb/d) 2,795 2,500 - 2,900 Underlying opex 2.5 2.3 - 2.7 Adjusted Earnings: Pre-tax depreciation 0.6 0.5 - 0.7 Taxation charge 0.3 0.2 - 0.5 Other Considerations: Combined Mobility & Lubricants results expected to be in line with Q4’24. Overall Marketing results are expected to be impacted by a lower contribution from Sectors & Decarbonisation. Chemicals and Products $ billions Q4’24 Q1’25 Outlook Comment Adjusted EBITDA: Indicative refining margin $5.5/bbl $6.2/bbl Indicative chemicals margin $138/tonne $126/tonne The Chem...