Shell plc (SHEL) Misses Q2 EPS by 60c; offers 3Q outlook

Shell plc (NYSE: SHEL) reported Q2 EPS of $0.72, $0.60 worse than the analyst estimate of $1.32. Revenue for the quarter came in at $65.41 billion versus the consensus estimate of $62.03 billion.

3Q OUTLOOK

Full year 2024 cash capital expenditure was $21 billion. Our cash capital expenditure range for the full year 2025 is expected to be within $20 - $22 billion. Integrated Gas production is expected to be approximately 910 - 970 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.7 - 7.3 million tonnes. Upstream production is expected to be approximately 1,700 - 1,900 thousand boe/d. Marketing sales volumes are expected to be approximately 2,600 - 3,100 thousand b/d. Refinery utilisation is expected to be approximately 88% - 96%. Chemicals manufacturing plant utilisation is expected to be approximately 78% - 86%. Corporate Adjusted Earnings1 were a net expense of $463 million for the second quarter 2025. Corporate Adjusted Earnings are expected to be a net expense of approximately $500 - $700 million in the third quarter 2025.

For earnings history and earnings-related data on Shell plc (SHEL) click here.

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