Question · Q3 2025
Matthew Peter Charles Lofting asked about the sustainability of Shell's upstream performance in Brazil and the Gulf of Mexico, and the drivers behind the Q3 improvement in integrated gas trading.
Answer
Shell CEO Wael Sawan stated that upstream improvements are sustainable due to rigorous execution and successful project ramp-ups like Whale. CFO Sinead Gorman explained that integrated gas trading benefited from strong operational performance providing length and market arbitrage opportunities, noting Q4 opportunities are less significant.