Shell trims Q2 2025 gas and LNG output forecast
Shell plc has slightly lowered its production outlook for the second quarter of 2025, citing routine maintenance and minor operational factors. In its latest quarterly update note, the energy major narrowed its Integrated Gas production guidance to a range of 900,000 to 940,000 barrels of oil equivalent per day (boe/d). This compares to the previous estimate of 890,000 to 950,000 boe/d provided at the end of the first quarter.
Shell also revised its forecast for liquefied natural gas (LNG) liquefaction volumes, now expecting output between 6.4 and 6.8 million metric tonnes. The earlier guidance had suggested a broader range of 6.3 to 6.9 million tonnes. While the adjustments are modest, they signal a tightening of Shell’s operational expectations as it manages planned maintenance across key facilities.
Despite these slight reductions, Shell’s overall performance trajectory remains aligned with expectations. The company is maintaining its focus on operational reliability and capital discipline, supported by continued investments in high-return assets. Among its recent milestones are the start-up of the Whale deepwater project in the Gulf of Mexico and the acquisition of Pavilion Energy, which has expanded Shell’s LNG trading capacity and market reach.
In a separate development, Shell announced that it will refile its 2023 and 2024 Form 20-Fs after discovering that its external auditor, Ernst & Young LLP (EY), breached regulatory partner rotation rules in both the UK and the US. The financial statements themselves remain unchanged, and Shell stated that the revised audit opinions do not affect its reported results. The company said it acted promptly once the issue was identified and is cooperating with regulatory authorities.
Shell’s full second-quarter 2025 results and interim dividend declaration are scheduled for release on Thursday 31 July at 07:00 BST. The update will be accompanied by a management webcast and investor presentation published on Shell’s website.
While the Q2 output adjustment is minimal, it underscores the importance of operational precision and transparency as Shell navigates both internal reviews and shifting market dynamics. Investors will be watching closely at the end of the month for signs of resilience and earnings strength across Shell’s core business segments.
