Shell plc publishes second quarter 2026 press release

London, July 30, 2026

 "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.

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.

Today, we commence another $3 billion of share buybacks1, in line with our 40-50% of CFFO through the cycle distribution policy." 

Shell plc Chief Executive Officer, Wael Sawan

OPERATIONAL PERFORMANCE DRIVES VERY STRONG RESULTS

• 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).
   

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’s agreement to acquire ARC Resources.

2 Income/(loss) attributable to shareholders for Q2 2026 is $10.8 billion. Reconciliation of non-GAAP measures can be found in the quarterly unaudited results, available on www.shell.com/investors.

3 Chemicals & Products Adjusted Earnings at a subsegment level are as follows: Chemicals $0.4 billion and Products $2.5 billion.

•    CFFO of $21.4 billion in Q2 2026, with a $3.4 billion working capital inflow.

1 Reconciliation of non-GAAP measures can be found in the quarterly unaudited results, available on www.shell.com/investors.

Q2 2026 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS
 

• Adjusted Earnings were higher than Q1 2026, reflecting significantly higher Trading & Optimisation results and higher realised prices, partially offset by lower volumes.
• Q3 2026 production and LNG liquefaction outlook excludes volumes from ARC Resources and Qatar.

UPSTREAM

•  
• Adjusted Earnings were higher than in Q1 2026, reflecting higher realised prices.
• Q3 2026 production outlook reflects higher maintenance across the portfolio.

MARKETING

• Adjusted Earnings were in line with Q1 2026, as lower volumes and weaker lubricant margins were offset by comparatively favourable tax movements.
   

CHEMICALS & PRODUCTS

• Higher chemicals margins1 resulted in Chemicals best Adjusted Earnings since Q3 2021.
• Products margins reflect higher indicative refining margins1 and a higher trading and optimisation contribution than in Q1 2026.

1 Key data table reflects calculated IRM/ICM. Given market dislocations, realised margins in Q2 2026 were below calculated IRM/ICM and were adjusted accordingly in the Q2 2026 Quarterly Update Note.

RENEWABLES & ENERGY SOLUTIONS

*Excludes Shell's equity share of associates where information cannot be obtained.

• Adjusted Earnings were lower than in Q1 2026, with lower trading and optimisation.

CORPORATE

UPCOMING INVESTOR EVENTS

October 29, 2026 Third quarter 2026 results and dividends

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