30 October 2025
If you are covering Shell's latest financial results, please see the following comment from Maurizio Carulli, global energy and materials analyst at Quilter Cheviot:
Shell Q3 results are both positive in their own right, and better than expectations.
Numbers are solid in virtually all divisions and shows earning growth and strong cash flow generation. Of note the robust production in Brazil and the Gulf of Mexico. The LNG Canada ramp up, with an initial 13 cargos in Q3, benefited the results as well. The only weak part was Chemicals, but it is a small part of the business and Shell’s management is trying to find a strategic solution for it.
Reassuringly, net debt decreased by about $2bn versus the previous quarter, and an additional share buyback of $3.5bn was confirmed as well.
Under the leadership of CEO Wael Sawan and CFO Sinead Gorman, and one of the best management teams in the oil industry, the company is continuing to successfully and steadily deliver, quarter after quarter, on its strategy of rationalisation, cost reductions and operational improvements, with a strong focus on shareholder value.
