1. Despite Q4 expectations being weaker than previously thought, Shell is well-positioned to outperform in 2025, especially in a weaker commodity price environment. 2. Valuation has dropped to a ~16% FCF yield, with Shell having a record high ~50% discount vs the broader sector. 3. Distributions remain attractive, offering a >11% total yield including buybacks, well-covered down to $65 Brent.