Shell Plc reported Q1 2026 indicative refining margins of $17 per barrel, up from $14 in Q4 2025.
The company warned of unprecedented commodity price volatility, forecasting working capital outflows of $10‑15 billion and a share decline of over 7%.
Integrated Gas output is forecast at 880‑920 k boe/d, down from 948 k, reflecting Middle East conflict impact.
Corporate adjusted earnings projected at a loss of $0.8‑$1.0 bn, with tax payments $2.0‑$2.8 bn and variable shipping lease costs rising $3‑$4 bn.