Quarterly UpdatesJul 7, 2026, 02:01 AM
Shell Q2 2026 Outlook: Integrated Gas Production 610-650 kboe/d
AI Summary
Shell plc has provided an update to its second quarter 2026 outlook, detailing expectations across its key segments. Integrated Gas production and LNG liquefaction volumes are anticipated to decrease, partly due to the Middle East conflict affecting Qatari volumes. Upstream and Marketing sales volumes are expected to remain relatively stable. The Chemicals & Products segment projects higher indicative refining and chemicals margins, though realized margins may be lower due to market dislocations. The company also forecasts a positive working capital movement for the Shell Group, reflecting the impact of commodity price volatility.
Key Highlights
- Integrated Gas production outlook for Q2 2026 is 610-650 kboe/d, down from 909 kboe/d in Q1 2026.
- LNG liquefaction volumes outlook for Q2 2026 is 7.4-7.8 MT, compared to 7.9 MT in Q1 2026.
- Upstream production outlook for Q2 2026 is 1,750-1,850 kboe/d, similar to 1,843 kboe/d in Q1 2026.
- Marketing sales volumes outlook for Q2 2026 is 2,550-2,650 kb/d, close to 2,627 kb/d in Q1 2026.
- Chemicals & Products indicative refining margin outlook is ~$20/bbl, up from $17/bbl in Q1 2026.
- Chemicals & Products indicative chemicals margin outlook is ~$240/tonne, significantly higher than $139/tonne in Q1 2026.
- Shell Group CFFO working capital outlook for Q2 2026 is $1-6 billion, a positive shift from -$11.2 billion in Q1 2026.
- Middle East conflict is expected to impact Qatari Integrated Gas volumes.
Price Impact
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