Core Insights - Shell plc reported a significant increase in income attributable to shareholders for Q3 2025, reaching $5.32 billion, a 48% increase from Q2 2025, driven by higher trading margins and sales volumes [1][2][3] - Adjusted Earnings and Adjusted EBITDA also saw increases of 27% and 11% respectively compared to Q2 2025, reflecting strong operational performance despite higher operating expenses [1][3] - The company experienced a free cash flow of $10 billion in Q3 2025, contributing to a reduction in net debt to $41.2 billion [1][5] Financial Performance - Income attributable to Shell plc shareholders for Q3 2025 was $5,322 million, compared to $3,601 million in Q2 2025 [1] - Adjusted Earnings for Q3 2025 were $5,432 million, up from $4,264 million in Q2 2025, while Adjusted EBITDA was $14,773 million, an increase from $13,313 million [1] - Cash flow from operating activities was $12.2 billion, primarily driven by Adjusted EBITDA, with tax payments of $2.7 billion impacting the inflow [4] Cash Flow and Debt Management - Cash flow from investing activities showed an outflow of $2.3 billion, including capital expenditures of $4.9 billion, partially offset by divestment proceeds of $1.8 billion [4] - Net debt decreased from $43.2 billion in Q2 2025 to $41.2 billion in Q3 2025, with gearing improving to 18.8% from 19.1% [5] - Total shareholder distributions for the quarter amounted to $5.7 billion, including $3.6 billion in share repurchases and $2.1 billion in dividends [6] Segment Performance Integrated Gas - Income for the Integrated Gas segment was $2,355 million in Q3 2025, up from $1,838 million in Q2 2025, driven by higher trading and optimisation contributions [16][18] - LNG sales volumes increased by 6% compared to the previous quarter, reflecting strong demand [16] Upstream - The Upstream segment reported income of $1,707 million for Q3 2025, a decrease from $2,008 million in Q2 2025, impacted by lower realised prices [28][31] - Total production available for sale increased to 1,832 thousand boe/d, compared to 1,732 thousand boe/d in Q2 2025 [28] Marketing - The Marketing segment's income decreased to $576 million in Q3 2025 from $766 million in Q2 2025, affected by higher operating expenses [41][43] - Adjusted Earnings for the segment increased by 10% compared to Q2 2025, reflecting improved margins [41] Chemicals and Products - The Chemicals and Products segment saw a significant turnaround with income of $1,074 million in Q3 2025, compared to a loss of $174 million in Q2 2025 [52][54] - Adjusted EBITDA for the segment increased by 93% compared to the previous quarter, driven by higher product margins [52][55] Renewables and Energy Solutions - The Renewables and Energy Solutions segment reported an income of $110 million in Q3 2025, a significant improvement from a loss of $254 million in Q2 2025 [68][71] - Cash flow from operating activities for this segment was $660 million, reflecting strong performance in trading and optimisation [68][73] Outlook - For the full year 2025, Shell expects cash capital expenditure to be between $20 billion and $22 billion, with production estimates for Integrated Gas and Upstream segments projected at approximately 920 - 980 thousand boe/d and 1,770 - 1,970 thousand boe/d respectively [90][91][92]