Core Insights - Shell plc reported a significant decrease in income attributable to shareholders in Q1 2025, amounting to $4.78 billion, down from $7.36 billion in Q1 2024, reflecting a 35% decline [1][3] - Adjusted earnings for Q1 2025 were $5.58 billion, a 52% increase from $3.66 billion in Q4 2024, driven by lower exploration well write-offs and higher product margins [1][2] - The company experienced a cash flow from operating activities of $9.28 billion, a decrease of 29% compared to Q4 2024 [1][4] Financial Performance - Total revenue for Q1 2025 was $69.23 billion, an increase from $66.28 billion in Q4 2024 [73] - Adjusted EBITDA for Q1 2025 was $15.25 billion, up 7% from $14.28 billion in Q4 2024 [1] - Free cash flow was reported at $5.32 billion, reflecting a decrease from $8.73 billion in Q4 2024 [1] Segment Analysis Integrated Gas - Income for the Integrated Gas segment was $2.79 billion in Q1 2025, up from $1.74 billion in Q4 2024 [19] - Adjusted earnings increased to $2.48 billion, a 15% rise from $2.17 billion in Q4 2024 [19] - LNG sales volumes reached 16.49 million tonnes, a 6% increase compared to Q4 2024 [19] Upstream - The Upstream segment reported income of $2.08 billion, a significant increase from $1.03 billion in Q4 2024 [27] - Adjusted earnings rose to $2.34 billion, a 39% increase from $1.68 billion in Q4 2024 [27] - Total production available for sale was 1.86 million boe/d, slightly down from 1.86 million boe/d in Q4 2024 [27] Marketing - The Marketing segment saw income rise to $814 million, a substantial increase from $103 million in Q4 2024 [33] - Adjusted earnings were $900 million, reflecting a 7% increase from $839 million in Q4 2024 [33] - Cash flow from operating activities was $1.91 billion, up from $1.36 billion in Q4 2024 [33] Chemicals and Products - The Chemicals and Products segment reported a loss of $77 million, an improvement from a loss of $276 million in Q4 2024 [42] - Adjusted earnings for the segment were $449 million, a significant increase from a loss of $229 million in Q4 2024 [42] - Cash flow from operating activities was $130 million, down from $2.03 billion in Q4 2024 [42] Renewables and Energy Solutions - The Renewables and Energy Solutions segment reported a loss of $247 million, an improvement from a loss of $1.23 billion in Q4 2024 [52] - Adjusted earnings were negative at $42 million, an improvement from a loss of $311 million in Q4 2024 [52] - Cash flow from operating activities was $367 million, a decrease from $850 million in Q4 2024 [52] Shareholder Distributions - Total shareholder distributions in Q1 2025 amounted to $5.5 billion, including $3.3 billion in share repurchases and $2.2 billion in cash dividends [8] - The dividend declared for Q1 2025 was $0.3580 per share, consistent with the previous quarter [1][8] Outlook - The company expects cash capital expenditure for the full year 2025 to be between $20 billion and $22 billion [66] - Integrated Gas production is projected to be approximately 890 - 950 thousand boe/d in Q2 2025 [67] - Upstream production is expected to be around 1,560 - 1,760 thousand boe/d, reflecting the SPDC divestment [68]