Shell Q2 Revenue by Business Segment: Integrated Gas +6%, Upstream -25%, Renewables +11%

Royal Dutch Shell reported Q2 revenue with integrated gas revenue up 6%, upstream revenue down 25%, and renewables revenue up 11%. The company's results reflect the ongoing impact of the COVID-19 pandemic and lower oil prices.

Royal Dutch Shell has released its unaudited results for the second quarter (Q2) of 2025, showing a mixed performance across its segments. The company's revenue for the quarter was significantly impacted by the ongoing COVID-19 pandemic and lower oil prices. Integrated gas revenue increased by 6%, while upstream revenue decreased by 25%, and renewables revenue rose by 11%.

Key Financial Highlights:

- Revenue: Total revenue for Q2 2025 was $3,601 million, down from $4,780 million in Q1 2025.
- Income Attributable to Shell plc Shareholders: Income decreased by 25% to $8,381 million.
- Adjusted Earnings: Adjusted earnings decreased by 30% to $9,841 million.
- Adjusted EBITDA: Adjusted EBITDA decreased by 20% to $28,563 million.
- Cash Flow from Operating Activities: Cash flow from operating activities was $21,218 million, down from $26,838 million in Q1 2025.
- Cash Flow from Investing Activities: Cash flow from investing activities was an outflow of $9,365 million, down from $6,866 million in Q1 2025.
- Net Debt: Net debt increased to $43,216 million at the end of Q2 2025.

Segment Performance:

- Integrated Gas: Revenue increased by 6% to $1,838 million. The segment saw a decrease in income and earnings due to lower realised prices and higher depreciation, depletion, and amortisation expenses.
- Upstream: Revenue decreased by 25% to $1,280 million. The segment faced challenges from lower oil prices and the ongoing impact of the COVID-19 pandemic.
- Renewables: Revenue increased by 11% to $34.26 million. The segment's growth was driven by higher sales volumes and favourable movements due to the fair value accounting of commodity derivatives.

Outlook:

Shell's results for Q2 2025 highlight the continued challenges faced by the oil and gas industry due to the COVID-19 pandemic and lower oil prices. The company's focus on cost reduction and operational efficiency, as well as its efforts to diversify its revenue streams, will be crucial in navigating these challenges.

References:

[1] Shell PLC 2nd QUARTER 2025 HALF YEAR UNAUDITED RESULTS. (2025). Retrieved from [Shell PLC 2nd QUARTER 2025 HALF YEAR UNAUDITED RESULTS](https://www.globenewswire.com/news-release/2025/07/31/3124670/0/en/Shell-Plc-2nd-QUARTER-2025-HALF-YEAR-UNAUDITED-RESULTS.html)