The UK-based firm said its adjusted earnings reached $5.43 billion in the third quarter, down compared to $6.03 billion in the comparable quarter last year.
Adjusted earnings rose 27 percent compared to $4.26 billion in the prior quarter.
Income attributable to Shell shareholders reached $5.31 billion, up from $4.29 billion in the third quarter of 2024 and a 48 percent increase from $3.6 billion in the prior quarter.
Shell said income attributable to its shareholders, compared with the second quarter 2025, reflected higher trading and optimisation margins, higher sales volumes, and favourable tax movements, partly offset by higher operating expenses.
Third-quarter income attributable to Shell shareholders also included gains on disposal of assets and impairment charges.
According to Shell, these items are included in identified items amounting to a net loss of $0.1 billion in the quarter.
“Shell delivered another strong set of results, with clear progress across our portfolio and excellent performance in our marketing business and deepwater assets in the Gulf of America and Brazil,” CEO Wael Sawan said.
“Despite continued volatility, our strong delivery this quarter enables us to commence another $3.5 billion of buybacks for the next three months,” he said.
LNG sales
The company sold 18.88 million tonnes of LNG in July-September, a rise from 17.04 million tonnes of LNG in the same period last year.
LNG sales rose 6 percent compared to 17.77 million tonnes in the prior quarter.
Shell sold 53.14 million tonnes of LNG in January-September of 2025, a 6 percent increase from 50.32 million tonnes of LNG in the same period last year.
Moreover, liquefaction volumes of 7.29 million tonnes in the third quarter were lower compared to 7.50 million tonnes in the same quarter last year.
Liquefaction volumes were 8 percent higher compared to 6.72 million tonnes in the second quarter of 2025.
According to Shell, liquefaction volume increased by 8 percent compared to the prior quarter, mainly due to lower maintenance across the portfolio and LNG Canada ramp-up.
Shell’s liquefaction volumes reached 20.61 million tonnes in January-September of 2025, down 6 percent year-on-year.
Shell expects liquefaction volumes to be approximately 7.4 – 8 million tonnes in the fourth quarter.
The company’s total oil and gas production dropped to 934,000 barrels of oil equivalent per day in the third quarter compared to 941,000 barrels of oil equivalent per day in the third quarter last year.
It rose 2 percent compared to 913,000 barrels of oil equivalent per day in the prior quarter.
Compared with the second quarter of 2025, total oil and gas production increased mainly due to lower maintenance across the portfolio, Shell said.
Integrated gas earnings drop
Shell’s integrated gas segment reported adjusted earnings of about $2.14 billion in the third quarter.
This compares to $2.87 billion in the same period in 2024 and $1.73 billion in the prior quarter.
Compared with the second quarter of 2025, adjusted reflected the net effect of higher contributions from trading and optimisation and lower realised prices (increase of $208 million), and higher volumes (increase of $237 million), partly offset by higher operating expenses (increase of $108 million), Shell said.
Earlier this month, the company announced that it expects trading and optimization results for its integrated gas business in the third quarter of 2025 to be “significantly higher” compared to the previous quarter.
