Shell (SHEL) Trading update summary

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.