Shell PLC (LSE:SHEL, NYSE:SHEL) said a strong performance from its Integrated Gas and Marketing businesses means that third-quarter trading is likely to remain broadly consistent with the second quarter.
Ahead of a full Q3 results to be published at the end of the month, the oil & gas producer said group adjusted earnings are expected to be in line with the $4.3 billion reported in Q2 2025.
Tax payments for the quarter are forecast between $2.1 billion and $2.9 billion.
Gas volumes are forecast to rise to between 7.0 and 7.4 million tonnes, with trading and optimisation activity expected to be significantly higher than in the prior quarter.
Upstream production is expected to increase to a range of 1,790-1,890 thousand barrels of oil equivalent per day, up from 1,660-1,760 in the second quarter, although a $0.2-0.4 billion earnings impact is expected from changes in participation interests in Brazil.
Marketing earnings are anticipated to be higher than the previous quarter, despite a non-cash impairment charge of approximately $0.6 billion related to the cancellation of the Rotterdam biofuels project.
Refining margins in the Chemicals and Products segment are forecast to improve to $11.6 per barrel, though the Chemicals sub-segment is expected to report a loss. Renewables and Energy Solutions are expected to report adjusted earnings ranging from a $0.2 billion loss to a $0.4 billion profit.