Shell PLC (SHEL) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Shell's third quarter 2025 financial results announcement. Shell's CFO Sinead Gorman will present the results, then host a Q&A session alongside Shell CEO Wael Sawan. If you would like to ask a question, please press star 1. If you wish to be removed from the queue, please press star 2. We will now begin the presentation. Welcome to Shell's third quarter 2025 results presentation. This quarter we delivered another strong set of results. Our adjusted earnings were $5.4 billion and we generated $12.2 billion in cash flow from operations. The quarter on quarter improvement was driven by strong performance across our businesses with all demonstrating positive momentum. This quarter clearly illustrates our focus on performance, discipline and simplification is laying the foundations of a winning performance culture across Shell. So let's start with performance. In integrated gas, strong operational delivery drove higher liquefaction volumes, which in turn enabled a higher contribution from LNG trading and optimisation this quarter. The start-up of LNG Canada, where 13 cargoes were delivered from Train 1 in Q3, contributed to these volumes. And there's more to come, with the expected start-up of Train 2 later this quarter. In upstream, our strong operational performance resulted in higher production. Together, Brazil and the Gulf of America made up more than half of our liquids production in Upstream. In Brazil, we achieved our highest-ever quarterly production. And in the Gulf of America, we reached our highest quarterly production level since 2005. Both were supported by successful project ramp-ups, such as the Whale project in the Gulf of America, which reached nameplate capacity with wells producing above the investment case expectations. This was achieved i...