Shell Plc reports Q1 2026 indicative refining margins increased to $17 per barrel, up from $14 in Q4 2025.
Working capital is projected to fall between negative $15 billion and negative $10 billion due to unprecedented commodity price volatility.
Integrated gas output expected 880‑920 k boe/d, down from 948 k boe/d, reflecting Middle East conflict impact on Qatari volumes.
Corporate adjusted earnings forecast at –$1.0 bn to –$0.8 bn, while renewables earnings rise to $0.2‑$0.7 bn, tax paid $2.0‑$2.8 bn.