Question · Q3 2025
Josh Stone followed up on the Q4 outlook, asking about the conservative integrated gas forecast despite expected liquefaction volume increases, other factors, and the potential headwind from hedging impact. He also inquired about Shell's plans for exploration drilling in Namibia next year, targeting areas, and willingness to add more capital.
Answer
Shell CFO Sinead Gorman explained that while Q4 integrated gas expects strong operational performance and ramp-up of LNG Canada, market arbitrage opportunities are less pronounced than in Q3. She confirmed that legacy hedging positions are still expiring through 2025, though less pronounced. Shell CEO Wael Sawan stated that Shell continues to have appetite to invest in Namibia at levels meeting high hurdles, assessing an appraisal well for a new horizon, and expects a decision in coming weeks. He also mentioned looking at other differentiated basins like the Porter.