Shell Cuts Q2 Outlook, Warns of Lower Results

Shell has cut its second-quarter 2025 production guidance for its Integrated Gas division to 900,000–940,000 barrels of oil equivalent per day and expects LNG output of 6.4–6.8 million metric tons, citing volatile market conditions and falling oil and gas prices. The company has warned of significantly lower trading and optimization results for integrated gas, while overall trading results across divisions are expected to be weaker. Shell's Chemicals & Products segment is projected to be below break-even due to lower chemical utilization rates, impacted by unplanned maintenance at the Monaca plant. Upstream production is also set to decline, reflecting scheduled maintenance and the sale of Shell's SPDC assets in Nigeria. Marketing division earnings are expected to improve compared to the previous quarter. The company will release its full Q2 2025 results on July 31 amid broader industry headwinds.