The following is an update to the second quarter 2025 outlook and gives an overview of our current expectations for the second quarter. Outlooks presented may vary from the actual second quarter 2025 results and are subject to finalisation of those results, which are scheduled to be published on July 31, 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.
Consensus
The company compiled consensus, managed by Vara Research, is expected to be published on July 23, 2025.
Source: Shell
