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Shell announced this in its first-quarter update note on Wendesday, noting that “long‑term LNG contracts usually have a pricing lag (e.g. JCC‑3).”
The company’s integrated gas segment reported adjusted earnings of $1.66 billion in the fourth quarter and $8.02 billion in 2025.
The quarterly result dropped compared to $2.17 billion in the same period in 2024 and $2.14 billion in the prior quarter, while the full-year result decreased 30 percent compared to $11.4 billion in 2024.
Overall, Shell’s adjusted earnings reached $3.26 billion in the fourth quarter, down compared to $3.66 billion in the comparable quarter in 2024.
Liquefaction volumes
Shell said in its quarterly update that it expects liquefaction volumes to reach 7.6–8 million tonnes in the first quarter.
The company previously expected liquefaction volumes to be approximately 7.4–8 million tonnes in the first quarter.
Shell said this reflects the “ramp-up of LNG Canada, offset by Australia weather constraints and Qatar LNG outages.”
Shell’s liquefaction volumes of 7.89 million tonnes in the fourth quarter were higher compared to 7.06 million tonnes in the same quarter in 2024.
For the full year 2025, liquefaction volumes dropped 2 percent to 28.42 million tonnes.
QatarEnergy recently announced that it expects the damage to its Ras Laffan complex caused by missile strikes to cost about $20 billion a year in lost revenue and to take up to five years to repair, impacting supply to markets in Europe and Asia.
The firm said that it will be compelled to declare force majeure for up to five years on some long-term LNG contracts as two liquefaction trains were damaged during the attacks.
QatarEnergy stopped producing LNG at its giant Ras Laffan complex on March 2 due to military attacks on its operating facilities. The LNG producer declared force majeure to its affected LNG buyers on March 4.
During the attacks, Shell’s Pearl GTL facility in Ras Laffan was also damaged.
The company confirmed last month that there was no damage to train one and that an initial assessment of around 1 year was required for the full repair of train two at the Pearl GTL facility.
Prior to the attack, Pearl was producing at reduced rates with exports constrained by the Strait of Hormuz blockage.
Gas production
Shell expects integrated gas production to reach 880–920 kboe/d in the first quarter,
The company said this “reflects the impact of the Middle East conflict on Qatari volumes.”
The company previously expected gas production to be between 920–980 kboe/d.
Moreover, Shell expects upstream production to reach 1760–1860 kboe/d in the first quarter, which includes reduced production following the Adura JV incorporation.
The company previously expected upstream production to reach 1700–1900 kboe/d in the first quarter.
Shell also said that its non-cash net debt is expected “to be impacted by $3-4 billion increase in variable components of long-term shipping leases in the current macro environment.”
Shell’s results are scheduled for publication on May 7.