BAKU, Azerbaijan, October 8. Shell expects stronger production levels from its upstream segment in the third quarter of 2025, even as adjusted earnings are set to take a modest hit due to the rebalancing of participation interests in Brazil, Trend reports.
According to the company’s latest outlook, production is projected to rise to 1.79–1.89 million barrels of oil equivalent per day (kboe/d), up from 1.73 million boe/d in Q2 2025. The increase reflects improved operational performance and potentially higher contributions from major assets following seasonal maintenance in the previous quarter.
Underlying operating expenses are expected to ease slightly, from $2.0 billion in Q2 to $1.9–2.5 billion in Q3, signaling efficiency gains and cost discipline across the portfolio.
Meanwhile, pre-tax depreciation is forecast within a range of $2.3–2.9 billion, compared to $2.4 billion last quarter, suggesting stable asset utilization.
Shell also anticipates a lower taxation charge in the range of $1.5–2.3 billion, down from $2.2 billion in Q2, which could provide a partial offset to other headwinds.
However, the company noted that adjusted earnings are expected to reflect a $0.2–0.4 billion reduction linked to the rebalancing of participation interests in Brazil.
