(WO) — Shell plc reported strong third-quarter 2025 results, underpinned by record production from its deepwater assets in Brazil and the Gulf of America, as well as robust performance across its LNG and Marketing divisions. Adjusted earnings reached $5.4 billion, while cash flow from operations (CFFO) totaled $12.2 billion, reflecting higher volumes and stronger trading and optimization results compared to Q2 2025.
Wael Sawan, CEO of Shell
Chief Executive Officer Wael Sawan said the quarter demonstrated “clear progress across our portfolio and excellent performance in our Marketing business and deepwater assets,” adding that the company’s operational and financial strength enables it to initiate another $3.5 billion share buyback program for the next three months — Shell’s 16th consecutive quarter of at least $3 billion in buybacks.
Shell’s upstream segment benefited from higher oil and gas output, with total production rising to 1.83 MMboed, driven by Brazil’s pre-salt fields and 20-year production highs in the Gulf of America. The Integrated Gas segment reported stronger LNG liquefaction and sales volumes, with output reaching 7.3 million metric tons and sales at 18.9 million metric tons for the quarter. The company also maintained a resilient balance sheet, reducing net debt to $41.2 billion, or $12.6 billion excluding leases, and maintaining gearing at 18.8%.
The company said it continues to focus on portfolio discipline, shareholder returns, and energy transition opportunities as it navigates volatile market conditions.
Looking ahead, Shell expects continued strong production in the fourth quarter, with upstream output projected between 1.77 and 1.97 MMboed and LNG liquefaction volumes between 7.4 and 8.0 million metric tons.
