Shell expects its Upstream production to increase to between 1.84 and 1.94 million barrels of oil equivalent per day (mmboe/d) in the fourth quarter (Q4) of 2025, according to its latest quarterly update note. The projected growth follows a third-quarter (Q3) production level of 1.832 mmboe/d and includes the impact of the Adura joint venture (JV) incorporation.

In the Integrated Gas segment, Shell recorded Q3 production of 934,000 barrels of oil equivalent per day (boe/d), with Q4 volumes projected between 930,000 and 970,000 boe/d.

Liquefied natural gas (LNG) liquefaction volumes, which reached 7.3 million tonnes (MT) in Q3, are expected to rise to between 7.5 and 7.9 MT in the final quarter of the year.

Marketing sales volumes are forecast to range between 2.65 and 2.75 million barrels per day (mb/d) in Q4, a decrease from the 2.824 mb/d recorded in Q3 due to seasonally lower demand.

In the Chemicals and Products segment, indicative refining margins are expected to improve to $14 per barrel (/bbl) compared to $12/bbl in Q3, while indicative chemicals margins are projected to soften to $140 per tonne.

The company noted that the Chemicals sub-segment adjusted earnings are expected to show a significant loss in Q4, reflecting a non-cash deferred tax adjustment in a joint venture.

Across the Shell Group, cash flow from operating activities (CFFO) is expected to include a $1.5 billion outflow related to the timing of emissions certificate payments in Germany.

Shell provides equipment, services, and digital solutions across the global energy and industrial value chain. The company operates in over 70 countries, focusing on technologies that make energy safer, cleaner, and more efficient.

Headquartered in London, Shell is a global leader in LNG and operates a diversified portfolio across Upstream, Integrated Gas, Renewables, and Energy Solutions.