Question · Q3 2025
Joshua Eliot Dweck Stone followed up on the Q4 outlook, specifically asking why increased liquefaction volumes in integrated gas wouldn't boost margins, and sought an update on Shell's exploration drilling plans and capital allocation willingness in Namibia.
Answer
Shell CEO Wael Sawan confirmed Shell's appetite to invest in Namibia for an appraisal well if it meets high hurdles, with a decision expected in weeks, and mentioned other differentiated basin opportunities. CFO Sinead Gorman explained that while Q4 integrated gas will see strong operational performance and increased liquefaction, market arbitrage opportunities are less than in Q3, and legacy hedging positions continue to expire, leading to a more conservative outlook compared to Q3's exceptional performance.