"Shell delivered another solid set of results in the first quarter of 2025. We further strengthened our leading LNG business by completing the acquisition of Pavilion Energy, and high-graded our portfolio with the completion of the Nigeria onshore and the Singapore Energy and Chemicals Park divestments.Our strong performance and resilient balance sheet give us the confidence to commence another $3.5 billion of buybacks for the next three months, consistent with the strategic direction we set out at our Capital Markets Day in March."Shell plc Chief Executive Officer, Wael Sawan SOLID RESULTS; RESILIENT BALANCE SHEET; CONSISTENT DISTRIBUTIONSQ1 2025 Adjusted Earnings1 of $5.6 billion reflect strong performance across the business. CFFO excluding working capital was $11.9 billion for the quarter. Working capital outflow was $2.7 billion in Q1 2025.Strengthened LNG trading and optimisation capabilities with the Pavilion Energy acquisition and high-graded the portfolio with the completion of the divestments of the Singapore Energy and Chemicals Park2, and SPDC3 in Nigeria.Disciplined capital allocation, with 2025 cash capex outlook of $20 - 22 billion.Commencing another $3.5 billion share buyback programme for the next 3 months, making this the 14th consecutive quarter of at least $3 billion in buybacks. Total shareholder distributions paid over the last 4 quarters were 45% of CFFO, consistent with the 40 - 50% of CFFO through the cycle distribution target announced at Capital Markets Day 2025.Resilient balance sheet with gearing (including leases) of 19%.CFFO excluding working capital is $11.9 billion in Q1 2025 and reflects tax payments of $2.9 billion. Working capital outflow is $2.7 billion, consistent with outflows as we have seen in the first quarters of recent years.Net debt of $41.5 billion includes the lease additions related to the Pavilion Energy acquisition as well as a drawdown on the loan facilities provided at the completion of the sale of SPDC in Nigeria.Q1 2025 FINANCIAL PERFORMANCE DRIVERSINTEGRATED GASAdjusted Earnings were higher than in Q4 2024, reflecting lower exploration well write-offs. Trading and optimisation results were in line with Q4 2024, despite higher unfavourable (non-cash) impact from expiring hedging contracts.Q2 2025 production and liquefaction outlook reflects higher scheduled maintenance across the portfolio.UPSTREAMAdjusted Earnings were higher than in Q4 2024, reflecting lower depreciation following year-end reserves updates and lower well write-offs, partially offset by lower sales volumes.Q2 2025 production outlook reflects scheduled maintenance and the completed sale of SPDC in March 2025.MARKETINGAdjusted Earnings were higher than in Q4 2024, supported by seasonally stronger margins in Lubricants.CHEMICALS & PRODUCTSTrading and optimisation results were significantly higher than in Q4 2024 and in line with contributions in Q2 and Q3 of 2024, while the Chemicals results continued to be impacted by a weak margin environment.Q2 2025 outlook reflects the completed sale of the Energy and Chemicals Park in Singapore.RENEWABLES & ENERGY SOLUTIONSAdjusted Earnings were higher than in Q4 2024, with higher seasonal demand and volatility driving higher trading and optimisation, particularly in the Americas.Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.UPCOMING INVESTOR EVENTSMay 20, 2025Annual General MeetingJuly 31, 2025Second quarter 2025 results and dividendsOctober 30, 2025Third quarter 2025 results and dividends