Positive<\/p>\n
Integrated Gas Trading & Optimisation expected to be significantly higher than Q1 2026<\/p>\n
LNG liquefaction volumes outlook raised to 7.4\u20137.8 MT from 6.8\u20137.4 MT<\/p>\n
Indicative refining margin guided around $20\/bbl versus $17\/bbl in Q1 2026<\/p>\n
Indicative chemicals margin guided around $240\/tonne versus $139\/tonne in Q1 2026<\/p>\n
Refinery utilisation guided around 100% versus 99% in Q1 2026<\/p>\n
Shell Group working capital movement guided to +$1\u20136 billion versus \u2013$11.2 billion in Q1 2026<\/p>\n
Negative<\/p>\n
Integrated Gas production guided to 610\u2013650 kboe\/d versus 909 kboe\/d in Q1 2026<\/p>\n
Middle East conflict expected to impact Qatari Integrated Gas volumes<\/p>\n
Renewables and Energy Solutions adjusted earnings outlook ranges from \u2013$0.3 to $0.3 billion<\/p>\n
Upstream taxation charge expected to rise to $2.4\u20133.2 billion versus $2.1 billion in Q1 2026<\/p>\n
Tax paid in CFFO guided higher at $2.6\u20133.4 billion versus $2.3 billion in Q1 2026<\/p>\n
Realised refining and chemicals margins are lower than calculated indicative margins due to market dislocations<\/p>\n
\n The update highlights stronger indicative refining and chemicals margins, offset by softer Integrated Gas volumes and a projected loss in Renewables & Energy Solutions of (0.3). Investors can compare these outlooks with prior cash flow swings from working capital of (11.2) billion.\n <\/p>\n
\n Integrated Gas production
\n 610\u2013650 kboe\/d<\/p>\n
Q2\u201926 outlook vs 909 kboe\/d in Q1\u201926<\/p>\n
\n LNG liquefaction volumes
\n 7.4\u20137.8 MT<\/p>\n
Q2\u201926 outlook vs 7.9 MT in Q1\u201926<\/p>\n
\n Indicative refining margin
\n ~$20\/bbl<\/p>\n
Chemicals & Products Q2\u201926 outlook vs $17\/bbl in Q1\u201926<\/p>\n
\n Indicative chemicals margin
\n ~$240\/tonne<\/p>\n
Chemicals & Products Q2\u201926 outlook vs $139\/tonne in Q1\u201926<\/p>\n
\n R&ES Adjusted Earnings
\n (0.3)\u20130.3 $ billions<\/p>\n
Renewables & Energy Solutions Q2\u201926 outlook vs 0.3 in Q1\u201926<\/p>\n
\n Corporate Adjusted Earnings
\n (0.7)\u2013(0.5) $ billions<\/p>\n
Corporate Q2\u201926 outlook vs (0.9) in Q1\u201926<\/p>\n
\n Working capital movement
\n 1\u20136 $ billions<\/p>\n
Q2\u201926 outlook vs (11.2) in Q1\u201926<\/p>\n
\n CFFO tax paid
\n 2.6\u20133.4 $ billions<\/p>\n
Q2\u201926 outlook vs 2.3 in Q1\u201926<\/p>\n
Date
\n Event
\n Sentiment
\n 24h Move
\n Catalyst<\/p>\n
Jun 30<\/p>\n
Voting rights update<\/a><\/p>\n Neutral<\/p>\n +0.8%<\/p>\n Reported total voting rights and share count as of June 30, 2026.<\/p>\n Jun 15<\/p>\n Dividend payment details<\/a><\/p>\n Positive<\/p>\n -3.6%<\/p>\n Confirmed currency equivalents and payment date for Q1 2026 interim dividend.<\/p>\n Jun 12<\/p>\n Buyback pause notice<\/a><\/p>\n Neutral<\/p>\n -0.2%<\/p>\n Announced temporary pause of $3.0B share buyback due to legal requirements.<\/p>\n Jun 12<\/p>\n Share repurchase report<\/a><\/p>\n Neutral<\/p>\n -0.2%<\/p>\n Disclosed repurchase of 1,986,023 shares for cancellation under buyback programme.<\/p>\n Jun 11<\/p>\n Share repurchase report<\/a><\/p>\n Neutral<\/p>\n -0.2%<\/p>\n Reported 1,901,813 shares bought back across multiple venues for cancellation.<\/p>\n Pattern Detected<\/p>\n Recent company announcements have generally produced modest share-price reactions without a clear directional pattern.<\/p>\n Short Interest<\/p>\n 1.07% of float<\/p>\n \n 0% low<\/p>\n as of 2026-06-15<\/p>\n Days to cover: 4.49<\/p>\n Short interest appears relatively low, suggesting limited short-squeeze potential and only a modest contribution to share price volatility from short covering.<\/p>\n non-gaap<\/p>\n financial<\/p>\n “definition of the non-GAAP measure used, the reconciliation from GAAP”<\/p>\n Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company’s results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.<\/p>\n underlying opex<\/p>\n financial<\/p>\n “Underlying opex | 1.2 | 1.0 – 1.2 Pre-tax depreciation”<\/p>\n Underlying opex is a company’s recurring operating expenses after removing one-time costs, unusual accounting items, or other adjustments that don\u2019t reflect normal ongoing activity. For investors it reveals the business\u2019s true, repeatable cost base\u2014like looking at monthly household bills after ignoring a one-off roof repair\u2014so you can judge whether a company is managing costs and how profitability may behave over time.<\/p>\n working capital<\/p>\n financial<\/p>\n “Working capital | (11.2) | 1”<\/p>\n Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It\u2019s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.<\/p>\n net debt<\/p>\n financial<\/p>\n “Net debt is defined as the sum of current and non-current debt, less cash”<\/p>\n Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.<\/p>\n depreciation, depletion & amortisation<\/p>\n financial<\/p>\n “Depreciation, depletion and amortisation — Table Start — $ billions”<\/p>\n Depreciation, depletion and amortisation are accounting methods that spread the cost of long-lived assets over the years they provide value: depreciation applies to physical items like machinery, depletion to natural resources like mines or oil wells, and amortisation to intangible assets like patents. Investors care because these non-cash charges lower reported profits and book value while signaling how quickly assets are being used up and when the company may need to reinvest\u2014think of spreading the cost of a car, a fuel reserve, or a license over the time you use them.<\/p>\n adjusted earnings<\/p>\n financial<\/p>\n “The \u201cAdjusted Earnings\u201d measure aims to facilitate a comparative”<\/p>\n Adjusted earnings are a company\u2019s profit figure that has been altered to remove one-time, unusual or non-operational items so it better reflects the business\u2019s regular performance. Think of it like looking at a household budget but ignoring a big, unusual expense or windfall to see what normal monthly cash flow looks like; investors use adjusted earnings to compare companies and trends, but should watch what is excluded because choices can change the picture.<\/p>\n AI-generated analysis. How Rhea-AI works<\/a>. Not financial advice.<\/p>\n
07\/07\/2026 – 02:00 AM<\/p>\n The following is an update to the second quarter 2026 outlook and gives an overview of our current expectations for the second quarter. Outlooks presented may vary from the actual second quarter 2026 results and are subject to finalisation of those results, which are scheduled to be published on July 30, 2026. Unless otherwise indicated, all outlook statements exclude identified items.\u00a0<\/p>\n See appendix for the definition of the non-GAAP measure used, the reconciliation from GAAP to non-GAAP and the most comparable GAAP measure.<\/p>\n \u00a0Integrated Gas<\/p>\n $ billionsQ1\u201926Q2\u201926 OutlookCommentProduction (kboe\/d)909610 – 650Reflects the impact of the Middle East conflict on Qatari volumes.LNG liquefaction volumes (MT)7.97.4 – 7.8\u00a0Underlying opex1.21.0 – 1.2\u00a0Pre-tax depreciation1.51.1 – 1.5\u00a0Taxation charge0.70.5 – 0.8\u00a0Other Considerations:Trading & Optimisation is expected to be significantly higher than Q1\u201926. <\/p>\n \u00a0\u00a0<\/p>\n \u00a0Upstream<\/p>\n $ billionsQ1\u201926Q2\u201926 OutlookCommentProduction (kboe\/d)1,8431,750 – 1,850\u00a0Underlying opex2.22.2 – 2.6\u00a0Pre-tax depreciation2.62.2 – 2.8\u00a0Taxation charge2.12.4 – 3.2\u00a0Other Considerations:- <\/p>\n \u00a0\u00a0 $ billionsQ1\u201926Q2\u201926 OutlookCommentSales volumes (kb\/d)2,6272,550 – 2,650\u00a0Underlying opex2.42.3 – 2.7\u00a0Pre-tax depreciation0.60.5 – 0.7\u00a0Taxation charge0.50.4 – 0.7\u00a0Other Considerations:Marketing adjusted earnings are expected to be in line with Q1\u201926. <\/p>\n \u00a0\u00a0<\/p>\n \u00a0Chemicals and Products<\/p>\n $ billionsQ1\u201926Q2\u201926 OutlookCommentIndicative refining margin$17\/bbl~$20\/bbl*\u00a0Indicative chemicals margin$139\/tonne~$240\/tonne*\u00a0Refinery utilisation99%~100%\u00a0Chemicals utilisation85%80% – 84%\u00a0Underlying opex2.01.8 – 2.2\u00a0Pre-tax depreciation0.91.1 – 1.3\u00a0Taxation charge \/ (credit)0.70.3 – 0.8\u00a0Other Considerations:Trading & Optimisation is expected to be in line with Q1\u201926. <\/p>\n *Given market dislocations, realised refining and chemicals margins are lower than the calculated IRM \/ ICM and have been adjusted accordingly.<\/p>\n \u00a0Renewables and Energy Solutions<\/p>\n $ billionsQ1\u201926Q2\u201926 OutlookCommentAdjusted Earnings 0.3(0.3) – 0.3\u00a0 <\/p>\n \u00a0\u00a0\u00a0<\/p>\n Corporate<\/p>\n $ billionsQ1\u201926Q2\u201926 OutlookCommentAdjusted Earnings (0.9)(0.7) – (0.5)\u00a0 <\/p>\n \u00a0\u00a0<\/p>\n Shell Group <\/p>\n $ billionsQ1\u201926Q2\u201926 OutlookCommentCFFO:Tax paid2.32.6 – 3.4\u00a0Financial Derivative Instruments movements(0.4)(1) – 4\u00a0Working capital (11.2)1 – 6Reflects impact of unprecedented volatility in commodity prices.Other Shell Group Considerations:- <\/p>\n Guidance<\/p>\n The \u2018Quarterly Databook<\/a>\u2019 contains guidance on Indicative Refining Margin, Indicative Chemicals Margin and full-year price and margin sensitivities.<\/p>\n In light of the ongoing situation in the Middle East, full-year price and margin sensitivities do not necessarily reflect realised margin movements in an individual quarter. <\/p>\n Consensus<\/p>\n The company compiled consensus, managed by Vara Research, is expected to be published on July 22, 2026.<\/p>\n Appendix<\/p>\n Indicative Margins<\/p>\n Chemicals & ProductsQ1\u201926Q2\u201926 Updated OutlookIndicative refining margin$17\/bbl~$20\/bbl*Indicative chemicals margin$139\/tonne~$240\/tonne* <\/p>\n *Given market dislocations, realised refining and chemicals margins are lower than the calculated IRM \/ ICM and have been adjusted accordingly.<\/p>\n Volume Data<\/p>\n Operational MetricsQ1\u201926Q2\u201926 QPR OutlookQ2\u201926 Updated OutlookIntegrated Gas \u00a0\u00a0\u00a0Production (kboe\/d)909580 – 640610 – 650LNG liquefaction volumes (MT)7.96.8 – 7.47.4 – 7.8Upstream\u00a0\u00a0\u00a0Production (kboe\/d)1,8431,620 – 1,8201,750 – 1,850Marketing\u00a0\u00a0\u00a0Sales volumes (kb\/d)2,6272,500 – 2,7002,550 – 2,650Chemicals & Products\u00a0\u00a0\u00a0Refinery utilisation99%91% – 99%~100%Chemicals utilisation85%76% – 84%80% – 84% <\/p>\n Underlying Opex<\/p>\n Underlying operating expenses is a measure aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors. Underlying operating expenses comprises the following items from the Consolidated statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses and removes the effects of identified items such as redundancy and restructuring charges or reversals, provisions or reversals and others. For further details see the 1st Quarter 2026 unaudited results<\/a>.<\/p>\n $ billionsQ1\u201926Q1\u201926 AdjustedQ2\u201926 Updated OutlookProduction and manufacturing expenses5.7\u00a0\u00a0Selling, distribution and administrative expenses2.8\u00a0\u00a0Research and development0.2\u00a0\u00a0Operating Expenses (Opex)8.78.7\u00a0Less: Identified Items\u00a00.1\u00a0Underlying Opex\u00a08.6\u00a0\u00a0\u00a0\u00a0 of which: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Integrated Gas1.21.21.0 – 1.2\u00a0\u00a0\u00a0 Upstream2.32.22.2 – 2.6\u00a0\u00a0\u00a0 Marketing2.52.42.3 – 2.7\u00a0\u00a0\u00a0 Chemicals and Products2.02.01.8 – 2.2\u00a0\u00a0\u00a0 Renewables and Energy Solutions0.60.6\u00a0 <\/p>\n Depreciation, depletion and amortisation<\/p>\n $ billionsQ1\u201926Q1\u201926 AdjustedQ2\u201926 Updated OutlookDepreciation, Depletion & Amortisation5.75.7\u00a0Less: Identified Items\u00a0\u2014\u00a0Pre-tax depreciation (as Adjusted)\u00a05.7\u00a0\u00a0\u00a0\u00a0 of which:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Integrated Gas1.51.51.1 – 1.5\u00a0\u00a0\u00a0 Upstream2.62.62.2 – 2.8\u00a0\u00a0\u00a0 Marketing0.50.60.5 – 0.7\u00a0\u00a0\u00a0 Chemicals and Products1.00.91.1 – 1.3\u00a0\u00a0\u00a0 Renewables and Energy Solutions0.10.1\u00a0 <\/p>\n \u00a0\u00a0<\/p>\n Taxation Charge<\/p>\n $ billionsQ1\u201926Q1\u201926 AdjustedQ2\u201926 Updated OutlookTaxation Charge3.63.6\u00a0Less: Identified Items and Cost of supplies adjustment\u00a0(0.4)\u00a0Taxation Charge (as Adjusted)\u00a04.0\u00a0\u00a0\u00a0\u00a0 of which: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Integrated Gas0.60.70.5 – 0.8\u00a0\u00a0\u00a0 Upstream1.82.12.4 – 3.2\u00a0\u00a0\u00a0 Marketing0.80.50.4 – 0.7\u00a0\u00a0\u00a0 Chemicals and Products0.30.70.3 – 0.8\u00a0\u00a0\u00a0 Renewables and Energy Solutions0.20.1\u00a0 <\/p>\n Adjusted Earnings<\/p>\n The \u201cAdjusted Earnings\u201d measure aims to facilitate a comparative understanding of Shell\u2019s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell\u2019s financial results from period to period. This measure excludes earnings attributable to non-controlling interest. For further details see the 1st Quarter 2026 unaudited results<\/a>.<\/p>\n $ billionsQ1\u201926Q1\u201926 AdjustedQ2\u201926 Updated OutlookIncome\/(loss) attributable to Shell plc shareholders5.75.7\u00a0Add: Current cost of supplies adjustment attributable to Shell plc shareholders\u00a0(1.2)\u00a0Less: Identified items attributable to Shell plc shareholders\u00a0(2.4)\u00a0Adjusted Earnings\u00a06.9\u00a0\u00a0\u00a0\u00a0 of which:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Renewables and Energy Solutions0.50.3(0.3) – 0.3\u00a0\u00a0\u00a0 Corporate(0.9)(0.9)(0.7) – (0.5) <\/p>\n Working Capital<\/p>\n Working capital movements are defined as the sum of the following items in the Consolidated Statement of Cash Flows: (i) (increase)\/decrease in inventories, (ii) (increase)\/decrease in current receivables, and (iii) increase\/(decrease) in current payables. <\/p>\n Net Debt<\/p>\n Net debt is defined as the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risks relating to debt, and associated collateral balances. <\/p>\n Enquiries<\/p>\n Media International: +44 (0) 207 934 5550<\/p>\n
\n 15%
\n 30%+\n <\/p>\n
\n
\n
<\/p>\n![\"\"](\"https:\/\/static.stocktitan.net\/img\/icons\/Google_News_icon.svg\"){kind=icon}
<\/p>\n
\n
\n See more from StockTitan in Google Search and AI answers.
\n Adds StockTitan as a preferred source \u00b7 opens Google
\n <\/p>\n
\n
\n
\n
<\/p>\n
\u00a0Marketing<\/p>\n
![\"\"](\"https:\/\/www.europesays.com\/britain\/wp-content\/uploads\/2026\/07\/1783470327_900_ti.gif\"\/)
![\"\"](\"https:\/\/www.europesays.com\/britain\/wp-content\/uploads\/2026\/07\/1783470328_762_Shell-plc.png\")
<\/p>\n