Shell benefits from upstream growth and stronger refining margins despite rising costs
Shell's third quarter results show resilient earnings growth, supported by record upstream production, improved LNG and refining margins, and disciplined capex. These drivers more than offset weaker chemicals performance and higher operating expenses, while shareholder returns remain robust.
Published on 11/07/2025
at 11:21 am EST - Modified on 11/07/2025
at 10:49 am EST
Shell plc specializes in oil and natural gas production and distribution. Net sales break down by activity as follows:
- refining of crude oil (32%): owns, at the end of 2024, 8 refineries worldwide. Shell plc is also involved in the manufacturing of chemical and petrochemical products (olefins, aromatic products, solvents, ethylenes, propylenes, phenols, additives, etc.);
- marketing of petroleum products (42.2%): operation of a network of more than 44,000 service stations worldwide;
- production of liquefied natural gas (13.1%);
- production of electricity from renewable sources (10.3%);
- crude oil and natural gas exploration and production (2.3%);
- other (0.1%).
Net sales are distributed geographically as follows: the United Kingdom (9.9%), Europe (22.6%), Asia-Oceania-Africa (34.6%), the United States (22.9%) and America (10%).
This super rating is the result of a weighted average of the rankings based on the following ratings: Global Valuation (Composite), EPS Revisions (4 months), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Investor
Investor
This super composite rating is the result of a weighted average of the rankings based on the following ratings: Fundamentals (Composite), Global Valuation (Composite), EPS Revisions (1 year), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Global
Global
This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite), and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be performed. We recommend that you carefully review the associated descriptions.
Quality
Quality
This composite rating is the result of an average of the rankings based on the following ratings: Capital Efficiency (Composite), Quality of Financial Reporting (Composite), and Financial Health (Composite). The company must be covered by at least 2 of these 3 ratings for the calculation to be performed. We recommend that you carefully review the associated descriptions.
This Alphavalue article, the European leader in independent research, is only available to subscribers .
