Shell is forecasting a strong financial performance for the third quarter of 2025, driven by record gas trading, increased oil and gas production, and improved refining margins.

In its latest trading update, the energy giant said its Integrated Gas division is expected to perform “significantly better” than in the previous quarter. The company also projects stronger results from its marketing, chemicals, and fuels businesses.

Shell has raised its forecast for liquefied natural gas (LNG) volumes to 7.0–7.4 million tons, up from 6.7–7.3 million tons, while upstream production is expected to reach between 1.79 and 1.89 million barrels of oil equivalent per day.

Refining margins have also strengthened, rising to $11.60 per barrel in Q3 from $8.90 per barrel recorded in Q2, reflecting improved efficiency and stronger global demand.

Market analysts have welcomed the update as a sign of resilience amid global energy uncertainties. Richard Hunter of Interactive Investor noted that while challenges remain in Shell’s renewables division, the company’s overall numbers appear solid and should reassure investors.

Shell will release its full third-quarter earnings report on October 30, 2025. The firm had earlier posted stronger-than-expected Q2 results in July, supported by reduced expenses and improved marketing margins despite weaker oil and gas prices.

With trading and refining performance on the rise, Shell appears set to close the year on a positive note, reinforcing its position as one of the world’s top players in the LNG market.