Shell Updates Q1 Outlook: Now projects Q1 Upstream Production At 1,790–1,890 kboe/D (Prior 1,750 – 1,950 kboe/D), LNG Output Hit By Weather; Trading And Refining Margins Strong

+1.58%

Shell PLC

SHEL

65.04

+1.58%

Integrated Gas

$ billions	Q4'24	Q1'25 Outlook	Comment
Adjusted EBITDA:
Production (kboe/d)	905	910 - 950	Impacted by unplanned maintenance, including in Australia.
LNG liquefaction volumes (MT)	7.1	6.4 - 6.8	Reflects weather impact (cyclones) and unplanned maintenance in Australia.
Underlying opex	1.0	0.9 - 1.1
Adjusted Earnings:
Pre-tax depreciation	1.4	1.2 - 1.6
Taxation charge	0.6	0.7 - 1.0
Other Considerations:
Trading & Optimisation results are expected to be in line with Q4'24, despite a higher (non-cash) impact from expiring hedge contracts compared to the previous quarter.

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