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Shell (SHEL) investor relations material
Shell Trading update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Integrated gas and LNG
Q2'26 production expected at 610-650 kboe/d, down from 909 kboe/d in Q1'26, reflecting Middle East conflict impact on Qatari volumes.
LNG liquefaction volumes forecast at 7.4-7.8 MT, slightly lower than Q1'26.
Underlying opex expected at $1.0-1.2 billion, with pre-tax depreciation at $1.1-1.5 billion.
Trading & Optimisation performance anticipated to be significantly higher than Q1'26.
Upstream
Production outlook for Q2'26 is 1,750-1,850 kboe/d, slightly lower than Q1'26.
Underlying opex projected at $2.2-2.6 billion, with pre-tax depreciation at $2.2-2.8 billion.
Taxation charge expected to rise to $2.4-3.2 billion.
Marketing
Sales volumes expected between 2,550-2,650 kb/d, in line with Q1'26.
Underlying opex forecast at $2.3-2.7 billion, with pre-tax depreciation at $0.5-0.7 billion.
Marketing adjusted earnings anticipated to remain stable compared to Q1'26.
- $18.5B adjusted earnings, $22B+ shareholder returns, and $5.1B cost savings in 2025.SHEL
Q4 202530 Jun 2026 - AGM highlighted robust results, energy transition progress, and active shareholder debate.SHEL
AGM 202619 May 2026 - Strong Q1 2026 earnings, ARC acquisition, and higher shareholder returns amid global volatility.SHEL
Q1 20267 May 2026 - US$16.4B deal adds 370 kboe/d, targets $250M synergies, and boosts long-term cash flow.SHEL
M&A announcement28 Apr 2026 - Higher earnings expected in Marketing and Renewables, but production faces geopolitical headwinds.SHEL
Trading update8 Apr 2026 - Aims for >10% FCF/share growth, $5–$7bn cost savings, and 40–50% CFFO distributions.SHEL
CMD 20253 Feb 2026 - Q2 2024 adjusted earnings hit $6.3B, with strong buybacks and improved net debt.SHEL
Q2 20242 Feb 2026 - Q3 2024: $6B adjusted earnings, $14.7B cash flow, $5.7B shareholder returns, strong LNG/upstream.SHEL
Q3 202417 Jan 2026 - Record cash flow, $23.7B earnings, and $22.6B+ returned to shareholders in 2024.SHEL
Q4 20249 Jan 2026
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