Shell PLC (SHEL) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Shell's first quarter 2025 results. Just over five weeks ago, at our Capital Markets Day in New York, Wael and I outlined the Shell investment case and our longer-term vision for the company. Our aim is to continue to deliver more value with less emissions, whilst rewarding our shareholders with consistency, delivering both competitive and resilient returns. And in Q1, we continue to make good progress. And as we look forward, we remain confident due to both our portfolio's strength and an organisation which continues to deliver, guided by our principles of performance, discipline and simplification. What we hope is now clear is that we do what we say. As we said at Capital Markets Day, we met our CMD23 financial targets for 2025 almost a year early. And as a result, we set new financial targets whilst we were staying firm on our carbon targets and ambition. Repositioning the portfolio is a key step towards achieving our targets. and we have made meaningful progress in the first few months of 2025. We've completed our divestments of the Energy and Chemicals Park in Singapore and in onshore Nigeria. And as we said we would, we are growing, but in a disciplined way. We completed the acquisition of Pavilion Energy, strengthening our integrated gas portfolio by further expanding our LNG trading and optimisation capabilities. In Upstream, we signed an agreement to increase our working interest in Ursa in the Gulf of America. We already operate this asset, and we're pleased to be able to further consolidate our leading deepwater position. On projects, we took two key final investment decisions. The first is Gato do Mato in Brazil. This will be a shell-operated asset in the Santos Basin, where we are the largest foreign producer. The second is phase two of the No...