Shell has announced its Q1 2025 results.
Shell Chief Executive Officer, Wael Sawan said:
'Shell delivered another solid set of results in the first quarter of 2025. We further strengthened our leading LNG business by completing the acquisition of Pavilion Energy, and high-graded our portfolio with the completion of the Nigeria onshore and the Singapore Energy and Chemicals Park divestments.
Our strong performance and resilient balance sheet give us the confidence to commence another $3.5 billion of buybacks for the next three months, consistent with the strategic direction we set out at our Capital Markets Day in March.'
SOLID RESULTS; RESILIENT BALANCE SHEET; CONSISTENT DISTRIBUTIONS
• Q1 2025 Adjusted Earnings(1) of $5.6 billion reflect strong performance across the business. CFFO excluding working capital was $11.9 billion for the quarter. Working capital outflow was $2.7 billion in Q1 2025.
• Strengthened LNG trading and optimisation capabilities with the Pavilion Energy acquisition and high-graded the portfolio with the completion of the divestments of the Singapore Energy and Chemicals Park(2) , and SPDC(3) in Nigeria.
• Disciplined capital allocation, with 2025 cash capex outlook of $20 - 22 billion.
• Commencing another $3.5 billion share buyback programme for the next 3 months, making this the 14th consecutive quarter of at least $3 billion in buybacks. Total shareholder distributions paid over the last 4 quarters were 45% of CFFO, consistent with the 40 - 50% of CFFO through the cycle distribution target announced at Capital Markets Day 2025.
• Resilient balance sheet with gearing (including leases) of 19%.
(1) Income/(loss) attributable to shareholders for Q1 2025 is $4.8 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.
(2) Completed on April 1, 2025.
(3) The Shell Petroleum Development Company of Nigeria Limited.
(4) Chemicals & Products Adjusted Earnings at a subsegment level are as follows: Chemicals $(0.1) billion and Products $0.6 billion.
Click here for Shell plc Q1 2025 results and Quarterly Results Presentation
Source: Shell
