Shell misses top-line and bottom-line estimates; initiates Q4 outlook

* Shell press release [https://seekingalpha.com/pr/20285621-shell-plc-3rd-quarter-results-unaudited-results] (SHEL [https://seekingalpha.com/symbol/SHEL]): Q3 Non-GAAP EPS of $0.93 misses by $0.81.
* Revenue of $68.15B (-4.1% Y/Y) misses by $3.29B.
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Adjusted Earnings and Adjusted EBITDA were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items.

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Cash flow from operating activities for the third quarter 2025 was $12.2 billion and primarily driven by Adjusted EBITDA. This inflow was partly offset by tax payments of $2.7 billion.

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OUTLOOK FOR THE FOURTH 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 920 - 980 thousand boe/d. LNG liquefaction volumes are expected to be approximately 7.4 - 8.0 million tonnes.

Upstream production is expected to be approximately 1,770 - 1,970 thousand boe/d.

Marketing sales volumes are expected to be approximately 2,500 - 3,000 thousand b/d.

Refinery utilisation is expected to be approximately 87% - 95%. Chemicals manufacturing plant utilisation is expected to be approximately 71% - 79%.

Corporate Adjusted Earnings were a net expense of $383 million for the third quarter 2025. Corporate Adjusted Earnings are expected to be a net expense of approximately $600 - $800 million in the fourth quarter 2025.

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