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 04:21 pm GMT - Modified on 11/07/2025
at 03:49 pm GMT
Alphavalue
Share
This article is reserved for subscribers.
Alphavalue, the European leader in independent research, is exclusively available on MarketScreener.
Shell plc specializes in oil and natural gas production and distribution. Net sales break down by activity as follows:
- marketing of petroleum products (41.9%): operation of a network of more than 42,724 service stations worldwide;
- refining of crude oil (28.9%): owns, at the end of 2025, 7 refineries worldwide. Shell plc is also involved in the manufacturing of chemical and petrochemical products (olefins, aromatic products, solvents, ethylenes, propylenes, phenols, additives, etc.);
- production of liquefied natural gas (14.4%);
- production of electricity from renewable sources (12.9%);
- crude oil and natural gas exploration and production (1.9%);
- other (0.1%).
Net sales are distributed geographically as follows: the United Kingdom (10.8%), Europe (23.7%), Asia/Oceania/Africa (34%), the United States (21.6%) and America (9.9%).
This super rating is the result of a weighted average of the rankings based on the following ratings: 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), 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 carried out. We recommend that you carefully review the associated descriptions.
Quality
Quality
This composite rating is the result of an average of rankings based on the following ratings: Returns (Composite), Profitability (Composite) and 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 read the associated descriptions.
ESG MSCI
ESG MSCI
The MSCI ESG score assesses a company’s environmental, social, and governance practices relative to its industry peers. Companies are rated from CCC (laggard) to AAA (leader). This rating helps investors incorporate sustainability risks and opportunities into their investment decisions.
