London, July 30, 2026<\/p>\n
\u00a0“Shell’s operational performance enabled very strong results during another quarter of severe disruption in global energy markets, as we worked hard to provide critical energy supplies and products to our customers.<\/p>\n
Consistent with our strategy, we remain disciplined in our capital allocation, divesting non-core assets and investing in higher-quality growth opportunities, including the announced ARC acquisition.<\/p>\n
Today, we commence another $3 billion of share buybacks1, in line with our 40-50% of CFFO through the cycle distribution policy.”\u00a0<\/p>\n
Shell plc Chief Executive Officer, Wael Sawan<\/p>\n
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By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service<\/a> and Privacy Policy<\/a>.<\/p>\n OPERATIONAL PERFORMANCE DRIVES VERY STRONG RESULTS<\/p>\n Q2 2026 Adjusted Earnings2 of $9.8 billion, reflects strong operational performance across the businesses despite Middle East outages, with record upstream production in Brazil and record refinery utilisation. Strong CFFO of $21.4 billion, supported by higher realised prices and a working capital inflow of $3.4 billion. Distributed 44% of CFFO over the past 12 months. 19th quarter in a row of announcing at least $3 billion buybacks.Structural cost reductions of $5.8 billion achieved since 2022; delivered ~$700 million in first half of 2026. Strong balance sheet with gearing of 19%, reflecting net debt of $42 billion or $12 billion excluding leases. Capex outlook for 2026 unchanged: $24 – 26 billion.Portfolio high-grading with the sale of Jiffy Lube (USA) and the announced divestments of SPRNG Energy (India), the Marketing business in South Africa and the Gulf of America Na Kika end-of-life assets. ARC Resources acquisition obtained shareholder approval, completion expected in Q3 2026 increasing production growth to 4% CAGR to 2030 (from 2025).$ million2Adj. EarningsAdj. EBITDACFFOCash capexIntegrated Gas2,6914,7614,6291,269Upstream3,4858,8916,8351,633Marketing1,3292,3922,547380Chemicals & Products32,8774,6647,941507Renewables & Energy Solutions79212(65)429Corporate(617)(210)(455)19Less: Non-controlling interest (NCI)9\u00a0\u00a0\u00a0ShellQ2 20269,83620,71021,4324,237Q1 20266,91517,7416,0624,202 1The Q2 2026 share buyback programme comprises $3.0 billion of new share buybacks, plus $1.2 billion of share buybacks that were not undertaken during the previous programme due to the announced suspension of such programme in connection with Shell\u2019s agreement to acquire ARC Resources.<\/p>\n