The following is an update to the first quarter 2025 outlook and gives an overview of current expectations for the first quarter. Outlooks presented may vary from the actual first quarter 2025 results and are subject to finalisation of those results, which are scheduled to be published on May 2, 2025. Unless otherwise indicated, all outlook statements exclude identified items. See appendix for the definition of the non-GAAP measure used and the most comparable GAAP measure.
Guidance
The ‘Quarterly Databook’ contains guidance on Indicative Refining Margin, Indicative Chemicals Margin and full-year price and margin sensitivities (Link).
Consensus
The consensus collection for quarterly Adjusted Earnings, Adjusted EBITDA is per the reporting segments and CFFO at a Shell group level, managed by Vara Research, is expected to be published on April 23, 2025.
Source: Shell
