Shell (NYSE:SHEL) updated its Q2 2026 outlook, raising LNG liquefaction volume guidance to 7.4\u20137.8 million tonnes.Refining and chemicals margins improved, with indicative refining margins rising to about $20 per barrel.The company expects working capital inflow of $1\u20136 billion in Q2, compared with an outflow in Q1.<\/p>\n
Shell (NYSE:SHEL) issued an updated Q2 2026 outlook ahead of its July 30, 2026 results, covering production, margins, costs, taxation, and cash flow across its business segments.<\/p>\n
The company raised LNG liquefaction volume guidance to 7.4\u20137.8 million tonnes from the previous range of 6.8\u20137.4 million tonnes.<\/p>\n
Shell expects Integrated Gas production of 610\u2013650 thousand barrels of oil equivalent per day, down from 909 thousand barrels per day in Q1 2026.<\/p>\n
The company said Middle East conflict-related disruptions are expected to affect Qatari Integrated Gas volumes.<\/p>\n
Shell guided for an indicative refining margin of around $20 per barrel, compared with $17 per barrel in Q1 2026, while chemicals margins are expected at about $240 per tonne versus $139 per tonne.<\/p>\n
The company expects Group working capital movement to be a $1\u20136 billion inflow, compared with an $11.2 billion outflow in Q1 2026.<\/p>\n
Shell also expects upstream taxation charges of $2.4\u2013$3.2 billion and tax paid in cash flow from operations of $2.6\u2013$3.4 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"Shell (NYSE:SHEL) updated its Q2 2026 outlook, raising LNG liquefaction volume guidance to 7.4\u20137.8 million tonnes.Refining and chemicals…\n","protected":false},"author":2,"featured_media":78733,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[20685],"tags":[35107,35104,35048,35106,1147,30295,35103,35045,35102,1150,4496,35105],"class_list":["post-78732","post","type-post","status-publish","format-standard","has-post-thumbnail","category-shell","tag-crude-oil-refining-margins","tag-energy-market-update","tag-integrated-gas-production","tag-lng-liquefaction-volumes","tag-lng-production","tag-nyse-shel","tag-oil-and-gas-earnings","tag-q2-2026-outlook","tag-refining-margins","tag-shell","tag-shell-plc","tag-shell-results-preview"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/116881226669465303","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/78732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=78732"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/78732\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/78733"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=78732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=78732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=78732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}