Shell PLC

Latest Results (31.08.2026):

Shell PLC — Q2 2026: Shell plc reported a very strong set of second‑quarter 2026 results on July 30, 2026, driven by robust operational performance across Integrated Gas, Upstream, Refining and Chemicals. Adjusted earnings were $9.8 billion and operating cash flow exceeded $21 billion; the company reduced net debt and announced new share buybacks while keeping 2026 cash capex guidance unchanged.

Key financials

Adjusted Earnings: $9.8 billion for Q2 2026. Cash flow from operations: over $21 billion. Net debt reduced to about $42 billion (or $12 billion excluding leases).

Capital allocation

Cash capex guidance for 2026 unchanged at $24–26 billion (including roughly $4 billion for the ARC Resources acquisition). Shell announced $3 billion of share buybacks to be completed by the Q3 results (October) and will finish the previously paused buyback portion related to ARC regulatory restrictions.

Operational performance

Strong execution across businesses: LNG Canada reached full capacity this quarter having shipped >100 cargoes since start‑up; refineries hit a record 102% utilisation and shifted output toward higher‑value middle distillates (e.g., jet fuel); Pennsylvania Petrochemicals delivered its best performance to date; Chemicals produced a positive free cash flow contribution.

Integrated gas and trading

Integrated Gas performed strongly, helping offset lost LNG volumes from Qatar. LNG trading and optimisation captured significant additional value versus the prior quarter.

Portfolio and M&A

ARC Resources acquisition has overwhelming shareholder support and awaits final regulatory approval; management says the deal lifts expected production growth to ~4% to 2030 (from ~1% p.a. to 2025). Agreed sale of non‑operated interest in Na Kika, divestment of Sprng Energy in India, completion of US Jiffy Lube sale, and announced divestment of South African mobility sites.

Costs and efficiencies

Structural cost reductions of $700 million delivered so far in 2026; portfolio high‑grading has delivered close to $6 billion of savings since 2022, per management commentary.

Context and risks

Management noted continued disruptions in the Middle East but said the business performed strongly through volatility. Cash capex, forward‑looking non‑GAAP measures and outlooks are subject to the usual cautions and risks described in the company presentation dated July 30, 2026.