Shell plc has on Friday May 2nd 2025 released its first quarter results and first quarter interim dividend announcement for 2025.

SOLID RESULTS; RESILIENT BALANCE SHEET; CONSISTENT DISTRIBUTIONS

• Q1 2025 Adjusted Earnings of $5.6 billion reflect strong performance across the business. CFFO excluding working capital was $11.9 billion for the quarter. Working capital outflow was $2.7 billion in Q1 2025.

• Strengthened LNG trading and optimisation capabilities with the Pavilion Energy acquisition and high-graded the portfolio with the completion of the divestments of the Singapore Energy and Chemicals Park, and SPDC in Nigeria.

• Disciplined capital allocation, with 2025 cash capex outlook of $20 – 22 billion.

• Commencing another $3.5 billion share buyback programme for the next 3 months, making this the 14th consecutive quarter of at least $3 billion in buybacks. Total shareholder distributions paid over the last 4 quarters were 45% of CFFO, consistent with the 40 – 50% of CFFO through the cycle distribution target announced at Capital Markets Day 2025.

• Resilient balance sheet with gearing (including leases) of 19%.

Shell plc Chief Executive Officer, Wael Sawan “Shell delivered another solid set of results in the first quarter of 2025. We further strengthened our leading LNG business by completing the acquisition of Pavilion Energy, and high-graded our portfolio with the completion of the Nigeria onshore and the Singapore Energy and Chemicals Park divestments. Our strong performance and resilient balance sheet give us the confidence to commence another $3.5 billion of buybacks for the next three months, consistent with the strategic direction we set out at our Capital Markets Day in March.”