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, and upstream production at 1.76‑1.86 m boe/d, below the prior quarter.
Corporate adjusted earnings are projected at a loss of $0.8‑$1.0 billion, with tax payments $2.0‑$2.8 billion and variable shipping lease costs rising $3‑$4 billion.