Shell projects upstream production of 1.79 to 1.89 million barrels of oil equivalent per day (mmboe/d) in the third quarter (Q3) of 2025, up from 1.73 mmboe/d recorded in the second quarter (Q2) 2025, according to a statement by the company. The company also expects liquefied natural gas (LNG) volumes to reach 7 to 7.4 million metric tons in Q3, compared to 6.7 million metric tons in Q2.
Integrated gas production is forecast at 910,000 to 950,000 barrels of oil equivalent per day (boe/d) in Q3, relatively flat compared to 913,000 boe/d in Q2. Trading is expected to be significantly higher than Q2 2025, though adjusted earnings will reflect losses of $0.2 to $0.4 billion due to rebalancing of participation interests in Brazil following the redetermination proposal for the Tupi field.
Shell expected sales volumes to range between 2.65 and 3.05 million barrels per day (mmbbl/d) in Q3 2025, down from 2.8 mmbbl/d in Q2. Marketing-adjusted earnings are expected to be higher than in the previous quarter.
In the last announced results, the company had forecasted upstream production of 1.66 to 1.76 mmboe/d for Q2 2025 and integrated gas production of 900,000 to 940,000 boe/d for the same period. Full Q3 results are scheduled for release on October 30, 2025.
Shell is one of the world’s largest multinational energy companies, headquartered in London, UK. Founded in 1907, Shell operates in more than 70 countries and is involved in nearly every aspect of the energy industry, including oil and gas exploration, production, refining, and the development of renewable energy solutions.
