Shell (SHEL LN) Prelim Q2 Upstream Production 1.75-1.85mln boepd; sees Q2 gas trading significantly higher Q/Q
Newsquawk Staff ·
- 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.
- European Movers: L'Oreal (OR FP) +4.8%, Holcim (HOLN SW) +4.5%, Hexagon (HEXAB SS) +3.0%, Eni (ENI IM) +2.3%, Kering (KER FP) -11.0%, Volvo Car (VOLCARB SS) -3.3%
- Additional European Equity News - 23rd October 2026
- Newsquawk Daily European Equity Opening News - 23rd October 2026
- PRE-MARKET AUSTRALIAN STOCKS NEWS: Whitehaven Coal (WHC AT) Q1 managed run-of-mine production rose 3% Q/Q to 11.0mln tons, equity sales of produced coal fell 5% Q/Q to 6.0mln tons
- Newsquawk Daily Asia-Pac Opening News - 23rd October 2026
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