Core Insights - The company provides an updated outlook for Q2 2025, with expectations subject to finalization of results to be published on July 31, 2025 [1] Integrated Gas - Adjusted EBITDA production is expected to be between 900 - 940 kboe/d, down from 927 kboe/d in Q1 2025 [2] - LNG liquefaction volumes are projected to be between 6.4 - 6.8 million tonnes, slightly lower than 6.6 million tonnes in Q1 2025 [2] - Underlying operating expenses (opex) are expected to remain stable at 1.0 - 1.2 billion [2] - The taxation charge is anticipated to decrease to between 0.3 - 0.6 billion from 0.8 billion in Q1 2025 [2] Upstream - Production is forecasted to decline to between 1,660 - 1,760 kboe/d, down from 1,855 kboe/d in Q1 2025, due to scheduled maintenance and the sale of SPDC in Nigeria [4] - Underlying opex is expected to range from 1.9 - 2.5 billion [4] - The taxation charge is projected to decrease to between 1.6 - 2.4 billion from 2.6 billion in Q1 2025 [4] - Joint ventures and associates are expected to contribute approximately 0.2 billion in profit/loss, with exploration well write-offs estimated at 0.2 billion [4] Marketing - Sales volumes are expected to be between 2,600 - 3,000 kb/d, down from 2,674 kb/d in Q1 2025 [5] - Underlying opex is projected to be between 2.3 - 2.7 billion [5] - The taxation charge is expected to decrease to between 0.2 - 0.6 billion from 0.4 billion in Q1 2025 [5] - Adjusted earnings are anticipated to be higher than Q1 2025 [6] Chemicals and Products - The indicative refining margin is expected to increase to $8.9/bbl from $6.2/bbl in Q1 2025 [8][14] - The indicative chemicals margin is projected to rise to $166/tonne from $126/tonne in Q1 2025, although adjusted earnings are expected to be a loss [8][14] - Refinery utilization is expected to improve to between 92% - 96% from 85% in Q1 2025, while chemicals utilization is expected to decline to between 68% - 72% due to unplanned maintenance [8] Renewables and Energy Solutions - Adjusted earnings are expected to range from (0.4) - 0.2 billion, indicating a potential loss [9] Corporate - Adjusted earnings are projected to be between (0.6) - (0.4) billion, slightly worse than (0.5) billion in Q1 2025 [10] Shell Group - Cash flow from operations (CFFO) is expected to see tax payments between 2.8 - 3.6 billion, slightly lower than 2.9 billion in Q1 2025 [11] - Working capital movements are projected to range from (1) - 4 billion, compared to (2.7) billion in Q1 2025 [11] Guidance and Consensus - The company will publish consensus managed by Vara Research on July 23, 2025 [13]

SHELL PLC FIRST QUARTER 2025 EURO AND GBP EQUIVALENT DIVIDEND PAYMENTS June 9, 2025 The Board of Shell plc today announced the pounds sterling and euro equivalent dividend payments in respect of the first quarter 2025 interim dividend, which was announced on May 2, 2025 at US$0.358 per ordinary share. Shareholders have been able to elect to receive their dividends in US dollars, euros or pounds sterling. Holders of ordinary shares who have validly submitted US dollars, euros or pounds sterling currency elec ...