Tiger Brokers

Shell Guides Q3 LNG Output At 6.7–7.3M Tonnes, Upstream At 1.7–1.9M boe/d; Sees Corporate Loss Of $500M–$700M And 2025 Capex At $20B–$22B

Benzinga
Jul 31

OUTLOOK FOR THE THIRD QUARTER 2025 

  • Full year 2024 cash capital expenditure was $21 billion. Our 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 910 - 970 thousand boe/d. 
  • LNG liquefaction volumes are expected to be approximately 6.7 - 7.3 million tonnes. Upstream production is expected to be approximately 1,700 - 1,900 thousand boe/d. 
  • Marketing sales volumes are expected to be approximately 2,600 - 3,100 thousand b/d. Refinery utilisation is expected to be approximately 88% - 96%. 
  • Chemicals manufacturing plant utilisation is expected to be approximately 78% - 86%. 
  • Corporate Adjusted Earnings1 were a net expense of $463 million for the second quarter 2025. 
  • Corporate Adjusted Earnings are expected to be a net expense of approximately $500 - $700 million in the third quarter 2025

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