Quarterly UpdatesJul 7, 2026, 10:21 AM
Shell Q2 2026 Outlook Update
AI Summary
Shell plc provided an update to its second quarter 2026 outlook, ahead of the full results scheduled for July 30, 2026. The company anticipates Integrated Gas production of 610-650 kboe/d, reflecting the impact of the Middle East conflict on Qatari volumes. Marketing adjusted earnings are expected to be in line with Q1 2026, while Renewables and Energy Solutions adjusted earnings are projected between $(0.3) billion and $0.3 billion. The outlook also includes significant positive movements in CFFO working capital, expected to be $1 billion to $6 billion.
Key Highlights
- Integrated Gas production outlook: 610-650 kboe/d, impacted by Middle East conflict.
- LNG liquefaction volumes outlook: 7.4-7.8 MT.
- Upstream production outlook: 1,750-1,850 kboe/d.
- Marketing adjusted earnings expected in line with Q1'26.
- Chemicals & Products indicative refining margin outlook: ~$20/bbl.
- Chemicals & Products indicative chemicals margin outlook: ~$240/tonne.
- Renewables and Energy Solutions Adjusted Earnings outlook: $(0.3)B to $0.3B.
- CFFO working capital outlook: $1B to $6B, reflecting commodity price volatility.
Price Impact
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