Shell (SHEL LN) Prelim Q2 Upstream Production 1.75-1.85mln boepd; sees Q2 gas trading significantly higher Q/Q

• Q1 Upstream Production: 1.843mln boepd.
• Q2 Upstream Production Outlook: 1.75-1.85mln boepd. 
• Q1 Integrated Gas Production: 909k boepd. Q2 Integrated Gas Production Outlook: 610-650k boepd. (Reflects the impact of the Middle East conflict on Qatari volumes.)
• Q1 Indicative Refining Margin: USD 17/bbl. Q2 Indicative Refining Margin Outlook: ~USD 20/bbl.
• Q1 Indicative Chemicals Margin: USD 139/tonne. Q2 Indicative Chemicals Margin Outlook: ~USD 240/tonne.
• Q1 Refinery Utilisation: 99%. Q2 Refinery Utilisation Outlook: ~100%.
• Q1 Chemicals Utilisation: 85%. Q2 Chemicals Utilisation Outlook: 80-84%.

Commentary: 

• Trading & Optimisation is expected to be significantly higher than Q1’26.
• Marketing adjusted earnings are expected to be in line with Q1’26.
• Trading & Optimisation is expected to be in line with Q1’26.