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Shell plc (SHEL) has issued a Form 6-K giving preliminary guidance for the second quarter (Q2) 2025 ahead of final results on 31 July 2025. The update indicates a mixed quarter, characterised by stronger downstream margins and disciplined cost control, set against lower upstream production and softer trading results.

Key operational trends

• Integrated Gas: Production guided to 900-940 kboe/d (-2 % to -3 % QoQ) and LNG liquefaction to 6.4-6.8 MT. Trading & Optimisation profits are expected to be 鈥渟ignificantly lower鈥� than Q1.
• Upstream: Production expected to fall to 1,660-1,760 kboe/d (-5 % to -11 %) due to scheduled maintenance and the divestiture of SPDC Nigeria. Exploration write-offs of ~US$0.2 bn are anticipated.
• Marketing: Sales volumes fairly stable at 2,600-3,000 kb/d with adjusted earnings anticipated to exceed Q1.
• Chemicals & Products: Indicative refining margin leaps to US$8.9/bbl from US$6.2/bbl, while chemicals margin rises to US$166/t from US$126/t. Nonetheless, segment adjusted earnings are expected below break-even and chemicals utilisation drops to 68-72 % due to unplanned Monaca downtime.
• Renewables & Energy Solutions: Adjusted earnings range 鈥揢S$0.4 bn to +US$0.2 bn, with trading & optimisation lower QoQ.

Cost & tax outlook

• Underlying Opex: Group underlying operating expenses guided to US$8.5 bn for Q2, down from US$8.6 bn in Q1, reflecting lower spend in most segments.
• Depreciation: Group pre-tax D&A expected at 5.1 bn (mid-point) versus 5.4 bn in Q1.
• Tax: Adjusted tax charge seen falling to 3.8 bn from 4.1 bn, mainly in Integrated Gas and Upstream.

Cash flow indicators: Taxes paid expected at US$2.8-3.6 bn; working-capital movements could add up to +US$4 bn (vs 鈥揢S$2.7 bn in Q1), potentially supporting operating cash flow.

Strategic takeaways: Higher downstream profitability and lower cost/tax burdens offer earnings support, yet declining hydrocarbon volumes, weaker trading and a chemicals loss temper the outlook. Investors will focus on the extent to which stronger margins offset volume headwinds when full Q2 results are released.

Shell plc (SHEL) Form 6-K 鈥� Monthly share repurchase activity (2-30 June 2025)

The filing details 21 trading days of on- and off-market buy-backs executed by BNP Paribas under the programme announced on 2 May 2025 and running until 25 July 2025. Across London (LSE, Chi-X, BATS) and Dutch venues (Euronext Amsterdam, CBOE DXE, Turquoise), Shell cancelled a cumulative 34.2 million ordinary shares during June.

• Daily volumes: ranged from 0.47 million (10 Jun) to 3.30 million shares (24 Jun).
• GBP-traded prices: volume-weighted averages widened from 拢24.70 (2 Jun) to 拢26.96 (23 Jun), peaking at a highest individual trade of 拢27.17 on 23 Jun.
• EUR-traded prices: averages moved between 鈧�29.44 (2 Jun) and 鈧�31.67 (23 Jun), with a top price of 鈧�31.90 on 23 Jun.
• All transactions were carried out within the authorities granted by shareholders and in full compliance with EU MAR and UK MAR regulations.
• The repurchased shares were immediately cancelled, directly reducing the issued share capital.
• Programme status: activity will continue until 25 Jul 2025; trading decisions remain at the sole discretion of BNP Paribas.

No earnings or other operating data are included in this report; its sole purpose is to provide the statutory trading disclosure for the ongoing buy-back.

Shell plc (SHEL) has filed a Form 6-K disclosing routine insider transactions triggered by the company鈥檚 first-quarter 2025 interim dividend, paid on 23 June 2025. Nine senior executives鈥攃lassified as Persons Discharging Managerial Responsibilities (PDMRs)鈥攔eceived dividend shares that were automatically credited to their Share Plan Accounts in line with previously vested share-based awards. The largest allocation went to Chief Financial Officer Sinead Gorman, who acquired 2,168.85 ordinary shares on the London Stock Exchange at GBP 25.8122, representing a cash value of approximately GBP 55,983. Other notable recipients include Peter Costello (President, Upstream) with a combined 1,048.93 shares across Amsterdam and London, Cederic Cremers (President, Integrated Gas) with 346.10 shares on Euronext, and Robin Mooldijk (Projects & Technology Director) with 720.85 shares on Euronext. In total, the filing lists 6,131.72 ordinary shares and 21.82 ADSs distributed, across GBP, EUR and USD listings, with individual cash equivalents ranging from EUR 0.18 to EUR 21,858.

The transactions are non-discretionary dividend reinvestments rather than open-market purchases or sales, and therefore do not signal strategic changes in share ownership or corporate outlook. The filing is mainly a regulatory disclosure required under EU/UK Market Abuse Regulations and Rule 13a-16 of the Exchange Act.

Shell plc has issued a formal statement under Rule 2.8 of the UK City Code on Takeovers and Mergers to address recent media speculation regarding a potential acquisition of BP plc. The company explicitly confirms that it:

• Has not been actively considering making an offer for BP
• Has not made any approach to BP
• Has not engaged in talks with BP regarding a possible offer

Shell declares it has no intention of making an offer for BP and will be bound by Rule 2.8 restrictions. However, these restrictions may be lifted under specific circumstances, including: BP board agreement, third-party offer announcement, BP's Rule 9 waiver announcement, or material change in circumstances as determined by the Takeover Panel.

The company reaffirms its strategic focus on "delivering more value with less emissions through performance, discipline and simplification."