Shell Q1 earnings beat forecasts despite drop

Shell reported first-quarter 2025 adjusted earnings of $5.58 billion on Friday, down 28% from a year earlier but above analyst expectations of $4.96 billion. The company maintained its $3.5 billion quarterly share buyback program, continuing its capital return strategy despite falling oil prices and weaker refining margins.

Integrated Gas was the company’s strongest segment, generating $2.8 billion in earnings, slightly above Q1 2024. Although production declined 6.6% year-on-year to 927,000 barrels of oil equivalent/day, it rose by 2% from Q4 2024.

Shell reported adjusted earnings of $449 million in Q1 2025 for its chemicals and products division, supported by stronger margins in its products segment. While the chemicals segment recorded a $137 million loss, the products business contributed $586 million in adjusted earnings, driven by improved trading and refining margins. The overall result, however, marked a sharp decline from the $1.6 billion posted in Q1 2024.

Shell expects chemical plant utilization to range between 74–82% in the coming quarter, factoring in the completed sale of its Singapore Energy and Chemicals Park in April.