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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Shell
Shell (SHEL) investor relations material
Shell Trading update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Trading update summary7 Oct, 2026
Production and integrated gas
Integrated Gas production outlook 740–780 kboe/d vs 631 kboe/d in Q2; LNG liquefaction 7.2–7.6 MT vs 7.7 MT. The outlook includes ARC Resources, acquired 2 September 2026.
Integrated Gas underlying opex $1.3–1.5B, pre-tax depreciation $1.1–1.5B and tax charge $0.6–0.9B; Trading & Optimisation expected in line with Q2.
Upstream production outlook 1,735–1,835 kboe/d vs 1,824 kboe/d in Q2; underlying opex $2.1–2.5B, pre-tax depreciation $2.2–2.8B and tax charge $2.5–3.3B.
Upstream exploration well write-offs expected at ~$0.3B in Q3.
Marketing and chemicals
Marketing sales volume outlook 2,550–2,650 kb/d vs 2,570 kb/d in Q2; underlying opex $2.3–2.7B, pre-tax depreciation $0.5–0.7B and tax charge $0.2–0.5B.
Marketing adjusted earnings expected below Q2; Chemicals & Products Trading & Optimisation expected in line with Q2.
Indicative refining margin $42/bbl vs $24/bbl in Q2; indicative chemicals margin $208/tonne vs $270/tonne. Low Rhine water levels are impacting Rheinland refinery utilisation.
Refinery utilisation outlook 93%–97% vs 102% in Q2; chemicals utilisation 81%–85% vs 83%. Chemicals & Products underlying opex $1.7–2.1B, pre-tax depreciation $1.1–1.3B and tax charge $1.0–1.5B.
Earnings and cash flow
Renewables and Energy Solutions adjusted earnings outlook $0.0–0.4B; Corporate adjusted earnings outlook $(0.8)–$(0.6)B.
CFFO excluding working capital expected to include ~$2.5B of outflow from timing of German BEHG emissions-certificate payments; tax paid outlook $3.1–3.9B.
Working capital outlook $(4)–$1B; financial derivative instrument movements $0–5B and other cash flow $(4)–$1B.
CFFO includes a $0.8B JV dividend inflow offset by a $0.8B working-capital outflow, with zero net CFFO impact; biogas impairments in Marketing expected to be largely offset by an Integrated Gas impairment reversal, both identified items.
Net debt expected to reflect ARC acquisition cash consideration and assumed debt, plus higher variable components of long-term shipping leases in the current macro environment.
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Latest events from Shell
- Q2 2026 saw $9.8B Adjusted Earnings, $21.4B CFFO, and $3B in share buybacks amid strong results.SHEL
Q2 2026 - Q2'26 outlook sees lower production but stronger trading, with margin volatility persisting.SHELTrading update
- AGM highlighted robust results, energy transition progress, and active shareholder debate.SHELAGM 2026
- Strong Q1 2026 earnings, ARC acquisition, and higher shareholder returns amid global volatility.SHELQ1 2026
- US$16.4B deal adds 370 kboe/d, targets $250M synergies, and boosts long-term cash flow.SHELM&A announcement
- Higher earnings expected in Marketing and Renewables, but production faces geopolitical headwinds.SHELTrading update
- $18.5B adjusted earnings, $22B+ shareholder returns, and $5.1B cost savings in 2025.SHELQ4 2025
- Q2 2024 adjusted earnings hit $6.3B, with strong buybacks and improved net debt.SHELQ2 2024
- Aims for >10% FCF/share growth, $5–$7bn cost savings, and 40–50% CFFO distributions.SHELCMD 2025
Next Shell earnings date
Q3 202629 Oct, 2026
Shell
Next Shell earnings date
Q3 202629 Oct, 2026
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Frequently asked questions
Over 100 Years in Oil and Gas
Royal Dutch Shell, commonly known as Shell, is a British international energy company that has been part of the oil and gas industry for over a century. Shell's vast operations include the exploration, production, refining, distribution, and marketing of oil and natural gas, as well as the generation of renewable energy. The company can be recognized by its distinctive logo featuring a scallop shell.
A Long History in the Oil and Gas Industry
Royal Dutch Shell, more commonly known as Shell, was established in 1907 through the amalgamation of two separate entities: Royal Dutch Petroleum Company (founded in 1890 by Dutch entrepreneurs) and Shell Transport and Trading Company Ltd (started in 1897 by British businessman Marcus Samuel), and the merger was intended to compete against the then-dominant American oil company, Standard Oil. The name "Shell" was derived from the seashells that Samuel's company initially imported from the Far East.
In its early years, Shell capitalized on the burgeoning automobile industry's growing need for petroleum. The company expanded its operations worldwide, drilling in Venezuela, Russia, and the Middle East. By the mid-20th century, Shell had become one of the world's "supermajors" in the oil industry, and the modern company has existed in its current form since 2005.
Products and Services
Shell's product range is vast, encompassing various forms of energy. It is involved in the extraction of crude oil and natural gas, refining these resources into usable fuels and chemicals, and distributing them worldwide. The company also operates a network of retail service stations and supplies lubricants and bitumen. Moreover, Shell has branched out into renewable energy resources, venturing into biofuels, electric vehicle charging, and carbon capture and storage.
Market Presence and Impact
Shell's operations span across the globe, reaching customers in over 70 countries. Its products fuel vehicles, power industries, and heat homes, meeting the energy needs of millions of people every day. Shell's retail network is one of the largest in the world, supplying fuel and services to motorists and businesses. The oil and gas industry is competitive and filled with massive multinational companies like BP, ExxonMobil, and Chevron, to name a few.