Shell plc
For the period ended Oct 7, 2026. Filed Oct 7, 2026.
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Oct 7, 2026 · Filed Oct 7, 2026
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Contents
Appendix
Indicative Margins
| Chemicals & Products | Q2’26 | Q3’26 Updated Outlook |
|---|---|---|
| Indicative refining margin | $24/bbl | $42/bbl |
| Indicative chemicals margin | $270/tonne | $208/tonne |
Volume Data
| Operational Metrics | Q2’26 | Q3’26 QPR Outlook | Q3’26 Updated Outlook |
|---|---|---|---|
| Integrated Gas | |||
| Production (kboe/d) | 631 | 570 - 630* | 740 - 780 |
| LNG liquefaction volumes (MT) | 7.7 | 7.1 - 7.7 | 7.2 - 7.6 |
| Upstream | |||
| Production (kboe/d) | 1,824 | 1,680 - 1,880 | 1,735 - 1,835 |
| Marketing | |||
| Sales volumes (kb/d) | 2,570 | 2,550 - 2,750 | 2,550 - 2,650 |
| Chemicals & Products | |||
| Refinery utilisation | 102% | 93% - 101% | 93% - 97% |
| Chemicals utilisation | 83% | 78% - 86% | 81% - 85% |
*Q3’26 QPR production outlook excluded volumes from ARC Resources and Qatar.
Underlying Opex
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 2nd Quarter 2026 and half year unaudited results.
| $ billions | Q2’26 | Q2’26 Adjusted | Q3’26 Updated Outlook |
|---|---|---|---|
| Production and manufacturing expenses | 5.5 | ||
| Selling, distribution and administrative expenses | 2.9 | ||
| Research and development | 0.3 | ||
| Operating Expenses (Opex) | 8.7 | 8.7 | |
| Less: Identified Items | 0.2 | ||
| Underlying Opex | 8.4 | ||
| of which: | |||
| Integrated Gas | 1.1 | 1.1 | 1.3 - 1.5 |
| Upstream | 2.2 | 2.2 | 2.1 - 2.5 |
| Marketing | 2.5 | 2.5 | 2.3 - 2.7 |
| Chemicals and Products | 2.0 | 1.9 | 1.7 - 2.1 |
| Renewables and Energy Solutions | 0.6 | 0.6 | |
Depreciation, depletion and amortisation
| $ billions | Q2’26 | Q2’26 Adjusted | Q3’26 Updated Outlook |
|---|---|---|---|
| Depreciation, Depletion & Amortisation | 6.2 | 6.2 | |
| Less: Identified Items | 0.6 | ||
| Pre-tax depreciation (as Adjusted) | 5.6 | ||
| of which: | |||
| Integrated Gas | 1.2 | 1.2 | 1.1 - 1.5 |
| Upstream | 2.5 | 2.5 | 2.2 - 2.8 |
| Marketing | 0.6 | 0.6 | 0.5 - 0.7 |
| Chemicals and Products | 1.2 | 1.1 | 1.1 - 1.3 |
| Renewables and Energy Solutions | 0.7 | 0.1 | |
Taxation Charge
| $ billions | Q2’26 | Q2’26 Adjusted | Q3’26 Updated Outlook |
|---|---|---|---|
| Taxation Charge | 4.9 | 4.9 | |
| Less: Identified Items and Cost of supplies adjustment | 0.4 | ||
| Taxation Charge (as Adjusted) | 4.5 | ||
| of which: | |||
| Integrated Gas | 0.8 | 0.8 | 0.6 - 0.9 |
| Upstream | 2.7 | 2.8 | 2.5 - 3.3 |
| Marketing | 0.7 | 0.4 | 0.2 - 0.5 |
| Chemicals and Products | 1.0 | 0.6 | 1.0 - 1.5 |
| Renewables and Energy Solutions | (0.1) | — | |
Adjusted Earnings
The “Adjusted Earnings” measure aims to facilitate a comparative understanding of Shell’s 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’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest. For further details see the 2nd Quarter 2026 and half year unaudited results.
| $ billions | Q2’26 | Q2’26 Adjusted | Q3’26 Updated Outlook |
|---|---|---|---|
| Income/(loss) attributable to Shell plc shareholders | 10.8 | 10.8 | |
| Add: Current cost of supplies adjustment attributable to Shell plc shareholders | (0.6) | ||
| Less: Identified items attributable to Shell plc shareholders | 0.4 | ||
| Adjusted Earnings | 9.8 | ||
| of which: | |||
| Renewables and Energy Solutions | (0.6) | 0.1 | 0.0 - 0.4 |
| Corporate | (0.6) | (0.6) | (0.8) - (0.6) |
Working Capital
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.
Net Debt
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.
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