Core Insights - Shell plc reported third-quarter 2025 earnings per ADS of $1.86, exceeding the Zacks Consensus Estimate of $1.72, driven by cost reductions and strong oil volumes [1] - Revenues decreased to $70.4 billion from $72.5 billion in the third quarter of 2024, missing consensus estimates by 5.9% [2] - The company repurchased $3.6 billion in shares during the quarter and plans an additional $3.5 billion buyback in the fourth quarter [2] Financial Performance - The upstream segment recorded a profit of $1.8 billion, down from $2.3 billion in the year-ago period, primarily due to lower liquids prices and a decline in natural gas output [5] - Worldwide realized liquids prices averaged $64.44 per barrel, a decrease of 14.2% year-over-year, while natural gas prices fell by 0.8% [6] - Upstream volumes averaged 1,832 thousand oil-equivalent barrels per day, up 1.1% year-over-year, with liquids production increasing by 5.9% to 1,399 thousand barrels per day [7] Segment Performance - Chemicals and Products segment reported an adjusted profit of $550 million, an increase of 18.8% from $463 million in the previous year, attributed to higher refining and chemicals margins [8] - Integrated Gas segment's adjusted income was $2.1 billion, down from $2.9 billion in the same quarter last year, impacted by lower realized prices and a slight drop in production [9] - Marketing segment recorded an income of $1.3 billion, up from $1.2 billion year-over-year, due to higher margins [9] Cash Flow and Capital Expenditure - Cash flow from operations was $12.2 billion, a decrease of nearly 17% from the previous year, with free cash flow at $10 billion compared to $10.8 billion a year ago [12] - The company returned $2.1 billion to shareholders through dividends and spent $4.9 billion on capital projects [12] - For full-year 2025, total cash capital expenditure is expected to range between $20 billion and $22 billion [13] Guidance - Shell anticipates fourth-quarter 2025 upstream volumes of 1,770-1,970 MBOE/d and Integrated Gas production between 920 MBOE/d and 980 MBOE/d [13] - Marketing sales volumes are expected to be between 2,500-3,000 thousand barrels per day, with refinery utilization projected at 87-95% [13]