{"id":47238,"date":"2026-07-07T06:24:40","date_gmt":"2026-07-07T06:24:40","guid":{"rendered":"https:\/\/allonlinebanglanewspapers.com\/news\/shell-second-quarter-2026-update-note\/"},"modified":"2026-07-07T06:24:40","modified_gmt":"2026-07-07T06:24:40","slug":"shell-second-quarter-2026-update-note","status":"publish","type":"post","link":"https:\/\/allonlinebanglanewspapers.com\/news\/shell-second-quarter-2026-update-note\/","title":{"rendered":"Shell second quarter 2026 update note"},"content":{"rendered":"
\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<\/b><\/p>\n\n\n\n\n\n\n\n\n\n
$ billions<\/i><\/td>\nQ1\u201926<\/b><\/td>\nQ2\u201926 Outlook<\/b><\/td>\nComment<\/b><\/td>\n<\/tr>\n
Production (kboe\/d)<\/td>\n909<\/td>\n610 – 650<\/td>\nReflects the impact of the Middle East conflict on Qatari volumes.<\/td>\n<\/tr>\n
LNG liquefaction volumes (MT)<\/td>\n7.9<\/td>\n7.4 – 7.8<\/td>\n\u00a0<\/td>\n<\/tr>\n
Underlying opex<\/td>\n1.2<\/td>\n1.0 – 1.2<\/td>\n\u00a0<\/td>\n<\/tr>\n
Pre-tax depreciation<\/td>\n1.5<\/td>\n1.1 – 1.5<\/td>\n\u00a0<\/td>\n<\/tr>\n
Taxation charge<\/td>\n0.7<\/td>\n0.5 – 0.8<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other Considerations:<\/b><\/td>\n<\/tr>\n
Trading & Optimisation is expected to be significantly higher than Q1\u201926. <\/td>\n<\/tr>\n<\/table>\n

\u00a0\u00a0<\/p>\n

\u00a0Upstream<\/b><\/p>\n\n\n\n\n\n\n\n\n
$ billions<\/i><\/td>\nQ1\u201926<\/b><\/td>\nQ2\u201926 Outlook<\/b><\/td>\nComment<\/b><\/td>\n<\/tr>\n
Production (kboe\/d)<\/td>\n1,843<\/td>\n1,750 – 1,850<\/td>\n\u00a0<\/td>\n<\/tr>\n
Underlying opex<\/td>\n2.2<\/td>\n2.2 – 2.6<\/td>\n\u00a0<\/td>\n<\/tr>\n
Pre-tax depreciation<\/td>\n2.6<\/td>\n2.2 – 2.8<\/td>\n\u00a0<\/td>\n<\/tr>\n
Taxation charge<\/td>\n2.1<\/td>\n2.4 – 3.2<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other Considerations:<\/b><\/td>\n<\/tr>\n
–<\/td>\n<\/tr>\n<\/table>\n

\u00a0\u00a0
\u00a0Marketing<\/b><\/p>\n\n\n\n\n\n\n\n\n
$ billions<\/i><\/td>\nQ1\u201926<\/b><\/td>\nQ2\u201926 Outlook<\/b><\/td>\nComment<\/b><\/td>\n<\/tr>\n
Sales volumes (kb\/d)<\/td>\n2,627<\/td>\n2,550 – 2,650<\/td>\n\u00a0<\/td>\n<\/tr>\n
Underlying opex<\/td>\n2.4<\/td>\n2.3 – 2.7<\/td>\n\u00a0<\/td>\n<\/tr>\n
Pre-tax depreciation<\/td>\n0.6<\/td>\n0.5 – 0.7<\/td>\n\u00a0<\/td>\n<\/tr>\n
Taxation charge<\/td>\n0.5<\/td>\n0.4 – 0.7<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other Considerations:<\/b><\/td>\n<\/tr>\n
Marketing adjusted earnings are expected to be in line with Q1\u201926.<\/td>\n<\/tr>\n<\/table>\n

\u00a0\u00a0<\/p>\n

\u00a0Chemicals and Products<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n
$ billions<\/i><\/td>\nQ1\u201926<\/b><\/td>\nQ2\u201926 Outlook<\/b><\/td>\nComment<\/b><\/td>\n<\/tr>\n
Indicative refining margin<\/td>\n$17\/bbl<\/td>\n~$20\/bbl*<\/td>\n\u00a0<\/td>\n<\/tr>\n
Indicative chemicals margin<\/td>\n$139\/tonne<\/td>\n~$240\/tonne*<\/td>\n\u00a0<\/td>\n<\/tr>\n
Refinery utilisation<\/td>\n99%<\/td>\n~100%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Chemicals utilisation<\/td>\n85%<\/td>\n80% – 84%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Underlying opex<\/td>\n2.0<\/td>\n1.8 – 2.2<\/td>\n\u00a0<\/td>\n<\/tr>\n
Pre-tax depreciation<\/td>\n0.9<\/td>\n1.1 – 1.3<\/td>\n\u00a0<\/td>\n<\/tr>\n
Taxation charge \/ (credit)<\/td>\n0.7<\/td>\n0.3 – 0.8<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other Considerations:<\/b><\/td>\n<\/tr>\n
Trading & Optimisation is expected to be in line with Q1\u201926. <\/td>\n<\/tr>\n<\/table>\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<\/b><\/p>\n\n\n\n
$ billions<\/i><\/td>\nQ1\u201926<\/b><\/td>\nQ2\u201926 Outlook<\/b><\/td>\nComment<\/b><\/td>\n<\/tr>\n
Adjusted Earnings <\/b><\/td>\n0.3<\/td>\n(0.3) – 0.3<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\u00a0\u00a0\u00a0<\/p>\n

Corporate<\/b><\/p>\n\n\n\n
$ billions<\/i><\/td>\nQ1\u201926<\/b><\/td>\nQ2\u201926 Outlook<\/b><\/td>\nComment<\/b><\/td>\n<\/tr>\n
Adjusted Earnings <\/b><\/td>\n(0.9)<\/td>\n(0.7) – (0.5)<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\u00a0\u00a0<\/p>\n

Shell Group <\/b><\/p>\n\n\n\n\n\n\n\n\n
$ billions<\/i><\/td>\nQ1\u201926<\/b><\/td>\nQ2\u201926 Outlook<\/b><\/td>\nComment<\/b><\/td>\n<\/tr>\n
CFFO:<\/b><\/td>\n<\/tr>\n
Tax paid<\/td>\n2.3<\/td>\n2.6 – 3.4<\/td>\n\u00a0<\/td>\n<\/tr>\n
Financial Derivative Instruments movements<\/td>\n(0.4)<\/td>\n(1) – 4<\/td>\n\u00a0<\/td>\n<\/tr>\n
Working capital <\/td>\n(11.2)<\/td>\n1 – 6<\/td>\nReflects impact of unprecedented volatility in commodity prices.<\/td>\n<\/tr>\n
Other Shell Group Considerations:<\/b><\/td>\n<\/tr>\n
–<\/td>\n<\/tr>\n<\/table>\n

Guidance<\/b><\/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. <\/b><\/p>\n

Consensus<\/b><\/p>\n

The company compiled consensus, managed by Vara Research, is expected to be published on July 22, 2026.<\/p>\n

Appendix<\/b><\/p>\n

Indicative Margins<\/p>\n\n\n\n\n
Chemicals & Products<\/i><\/td>\nQ1\u201926<\/b><\/td>\nQ2\u201926 Updated Outlook<\/b><\/td>\n<\/tr>\n
Indicative refining margin<\/td>\n$17\/bbl<\/td>\n~$20\/bbl*<\/td>\n<\/tr>\n
Indicative chemicals margin<\/td>\n$139\/tonne<\/td>\n~$240\/tonne*<\/td>\n<\/tr>\n<\/table>\n

*<\/sup>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\n\n\n\n\n\n\n\n\n\n\n\n
Operational Metrics<\/i><\/td>\nQ1\u201926<\/b><\/td>\nQ2\u201926 QPR Outlook<\/b><\/td>\nQ2\u201926 Updated Outlook<\/b><\/td>\n<\/tr>\n
Integrated Gas <\/b><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Production (kboe\/d)<\/td>\n909<\/td>\n580 – 640<\/td>\n610 – 650<\/td>\n<\/tr>\n
LNG liquefaction volumes (MT)<\/td>\n7.9<\/td>\n6.8 – 7.4<\/td>\n7.4 – 7.8<\/td>\n<\/tr>\n
Upstream<\/b><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Production (kboe\/d)<\/td>\n1,843<\/td>\n1,620 – 1,820<\/td>\n1,750 – 1,850<\/td>\n<\/tr>\n
Marketing<\/b><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Sales volumes (kb\/d)<\/td>\n2,627<\/td>\n2,500 – 2,700<\/td>\n2,550 – 2,650<\/td>\n<\/tr>\n
Chemicals & Products<\/b><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Refinery utilisation<\/td>\n99%<\/td>\n91% – 99%<\/td>\n~100%<\/td>\n<\/tr>\n
Chemicals utilisation<\/td>\n85%<\/td>\n76% – 84%<\/td>\n80% – 84%<\/td>\n<\/tr>\n<\/table>\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\n\n\n\n\n\n\n\n\n\n\n\n\n\n
$ billions<\/i><\/td>\nQ1\u201926<\/b><\/td>\nQ1\u201926 Adjusted<\/b><\/td>\nQ2\u201926 Updated Outlook<\/b><\/td>\n<\/tr>\n
Production and manufacturing expenses<\/td>\n5.7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Selling, distribution and administrative expenses<\/td>\n2.8<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Research and development<\/td>\n0.2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating Expenses (Opex)<\/b><\/td>\n8.7<\/td>\n8.7<\/td>\n\u00a0<\/td>\n<\/tr>\n
Less: Identified Items<\/td>\n\u00a0<\/td>\n0.1<\/td>\n\u00a0<\/td>\n<\/tr>\n
Underlying Opex<\/b><\/td>\n\u00a0<\/td>\n8.6<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 of which: <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Integrated Gas<\/b><\/td>\n1.2<\/td>\n1.2<\/td>\n1.0 – 1.2<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Upstream<\/b><\/td>\n2.3<\/td>\n2.2<\/td>\n2.2 – 2.6<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Marketing<\/b><\/td>\n2.5<\/td>\n2.4<\/td>\n2.3 – 2.7<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Chemicals and Products<\/b><\/td>\n2.0<\/td>\n2.0<\/td>\n1.8 – 2.2<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Renewables and Energy Solutions<\/b><\/td>\n0.6<\/td>\n0.6<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Depreciation, depletion and amortisation<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
$ billions<\/i><\/td>\nQ1\u201926<\/b><\/td>\nQ1\u201926 Adjusted<\/b><\/td>\nQ2\u201926 Updated Outlook<\/b><\/td>\n<\/tr>\n
Depreciation, Depletion & Amortisation<\/b><\/td>\n5.7<\/td>\n5.7<\/td>\n\u00a0<\/td>\n<\/tr>\n
Less: Identified Items<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Pre-tax depreciation (as Adjusted)<\/b><\/td>\n\u00a0<\/td>\n5.7<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 of which:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Integrated Gas<\/b><\/td>\n1.5<\/td>\n1.5<\/td>\n1.1 – 1.5<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Upstream<\/b><\/td>\n2.6<\/td>\n2.6<\/td>\n2.2 – 2.8<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Marketing<\/b><\/td>\n0.5<\/td>\n0.6<\/td>\n0.5 – 0.7<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Chemicals and Products<\/b><\/td>\n1.0<\/td>\n0.9<\/td>\n1.1 – 1.3<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Renewables and Energy Solutions<\/b><\/td>\n0.1<\/td>\n0.1<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\u00a0\u00a0<\/p>\n

Taxation Charge<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
$ billions<\/i><\/td>\nQ1\u201926<\/b><\/td>\nQ1\u201926 Adjusted<\/b><\/td>\nQ2\u201926 Updated Outlook<\/b><\/td>\n<\/tr>\n
Taxation Charge<\/b><\/td>\n3.6<\/td>\n3.6<\/td>\n\u00a0<\/td>\n<\/tr>\n
Less: Identified Items and Cost of supplies adjustment<\/td>\n\u00a0<\/td>\n(0.4)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Taxation Charge (as Adjusted)<\/b><\/td>\n\u00a0<\/td>\n4.0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 of which: <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Integrated Gas<\/b><\/td>\n0.6<\/td>\n0.7<\/td>\n0.5 – 0.8<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Upstream<\/b><\/td>\n1.8<\/td>\n2.1<\/td>\n2.4 – 3.2<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Marketing<\/b><\/td>\n0.8<\/td>\n0.5<\/td>\n0.4 – 0.7<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Chemicals and Products<\/b><\/td>\n0.3<\/td>\n0.7<\/td>\n0.3 – 0.8<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Renewables and Energy Solutions<\/b><\/td>\n0.2<\/td>\n0.1<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\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\n\n\n\n\n\n\n\n\n
$ billions<\/i><\/td>\nQ1\u201926<\/b><\/td>\nQ1\u201926 Adjusted<\/b><\/td>\nQ2\u201926 Updated Outlook<\/b><\/td>\n<\/tr>\n
Income\/(loss) attributable to Shell plc shareholders<\/b><\/td>\n5.7<\/td>\n5.7<\/td>\n\u00a0<\/td>\n<\/tr>\n
Add: Current cost of supplies adjustment attributable to Shell plc shareholders<\/td>\n\u00a0<\/td>\n(1.2)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Less: Identified items attributable to Shell plc shareholders<\/td>\n\u00a0<\/td>\n(2.4)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted Earnings<\/b><\/td>\n\u00a0<\/td>\n6.9<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 of which:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Renewables and Energy Solutions<\/b><\/td>\n0.5<\/td>\n0.3<\/td>\n(0.3) – 0.3<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0 Corporate<\/b><\/td>\n(0.9)<\/td>\n(0.9)<\/td>\n(0.7) – (0.5)<\/td>\n<\/tr>\n<\/table>\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<\/b><\/p>\n

Media International: +44 (0) 207 934 5550<\/p>\n

Media U.S. and Canada: Contact form<\/a><\/p>\n

Cautionary Note<\/b><\/p>\n

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement \u201cShell\u201d, \u201cShell Group\u201d and \u201cGroup\u201d are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. \u2018\u2018Subsidiaries\u2019\u2019, \u201cShell subsidiaries\u201d and \u201cShell companies\u201d as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The terms \u201cjoint venture\u201d, \u201cjoint operations\u201d, \u201cjoint arrangements\u201d, and \u201cassociates\u201d may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties.\u00a0 The term \u201cShell interest\u201d is used for convenience to indicate the direct and\/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.<\/p>\n

The numbers presented in this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures due to rounding.<\/p>\n

Forward-Looking statements<\/u><\/b>
This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management\u2019s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management\u2019s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as \u201caim\u201d; \u201cambition\u201d; \u2018\u2018anticipate\u2019\u2019; \u201caspire\u201d; \u201caspiration\u201d; \u2018\u2018believe\u2019\u2019; \u201ccommit\u201d; \u201ccommitment\u201d; \u2018\u2018could\u2019\u2019; \u201cdesire\u201d; \u2018\u2018estimate\u2019\u2019; \u2018\u2018expect\u2019\u2019; \u2018\u2018goals\u2019\u2019; \u2018\u2018intend\u2019\u2019; \u2018\u2018may\u2019\u2019; \u201cmilestones\u201d; \u2018\u2018objectives\u2019\u2019; \u2018\u2018outlook\u2019\u2019; \u2018\u2018plan\u2019\u2019; \u2018\u2018probably\u2019\u2019; \u2018\u2018project\u2019\u2019; \u2018\u2018risks\u2019\u2019; \u201cschedule\u201d; \u2018\u2018seek\u2019\u2019; \u2018\u2018should\u2019\u2019; \u2018\u2018target\u2019\u2019; \u201cvision\u201d; \u2018\u2018will\u2019\u2019; \u201cwould\u201d and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell\u2019s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc\u2019s Form 20-F for the year ended December 31, 2025 (available at www.shell.com\/investors\/news-and-filings\/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, July 7, 2026. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.<\/p>\n

Shell\u2019s net carbon intensity<\/u><\/b>
Also, in this announcement we may refer to Shell\u2019s \u201cnet carbon intensity\u201d (NCI), which includes Shell\u2019s carbon emissions from the production of our energy products, our suppliers\u2019 carbon emissions in supplying energy for that production and our customers\u2019 carbon emissions associated with their use of the energy products we sell. Shell\u2019s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell\u2019s \u201cnet carbon intensity\u201d or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.<\/p>\n

Shell\u2019s net-zero emissions target<\/u><\/b>
Shell\u2019s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our combined Scope 1 and 2 target, NCI targets and our oil products ambition over the next ten years. However, Shell\u2019s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell\u2019s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target. <\/p>\n

Forward-Looking Non-GAAP measures<\/u><\/b><\/p>\n

This announcement may contain certain forward-looking non-GAAP measures such as Adjusted Earnings, Cash flow from operating activities excluding working capital movements, Net debt and Underlying operating expense.<\/p>\n

We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc\u2019s consolidated financial statements.
The contents of websites referred to in this announcement do not form part of this announcement.<\/p>\n

We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.<\/p>\n

\n <\/div>\n","protected":false},"excerpt":{"rendered":"

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, […]<\/p>\n","protected":false},"author":2,"featured_media":47239,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/ml-eu.globenewswire.com\/media\/MTEwYTk1YTEtMThjZC00M2Y1LWE5OGQtYzgyNjFiYWMyYWRhLTEyNjAwMjEtMjAyNi0wNy0wNy1lbg==\/tiny\/Shell-plc.png","fifu_image_alt":"","footnotes":""},"categories":[11],"tags":[],"class_list":["post-47238","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-globenewswire"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t