Shell second quarter 2026 update note

The following is an update to the second quarter 2026 outlook and gives an overview of our current expectations for the second quarter. Outlooks presented may vary from the actual second quarter 2026 results and are subject to finalisation of those results, which are scheduled to be published on July 30, 2026. Unless otherwise indicated, all outlook statements exclude identified items. See appendix for the definition of the non-GAAP measure used, the reconciliation from GAAP to non-GAAP and the most comparable GAAP measure. Integrated Gas $ billions Q1’26 Q2’26 Outlook Comment Production (kboe/d) 909 610 - 650 Reflects the impact of the Middle East conflict on Qatari volumes. LNG liquefaction volumes (MT) 7.9 7.4 - 7.8 Underlying opex 1.2 1.0 - 1.2 Pre-tax depreciation 1.5 1.1 - 1.5 Taxation charge 0.7 0.5 - 0.8 Other Considerations: Trading & Optimisation is expected to be significantly higher than Q1’26. Upstream $ billions Q1’26 Q2’26 Outlook Comment Production (kboe/d) 1,843 1,750 - 1,850 Underlying opex 2.2 2.2 - 2.6 Pre-tax depreciation 2.6 2.2 - 2.8 Taxation charge 2.1 2.4 - 3.2 Other Considerations: - Marketing $ billions Q1’26 Q2’26 Outlook Comment Sales volumes (kb/d) 2,627 2,550 - 2,650 Underlying opex 2.4 2.3 - 2.7 Pre-tax depreciation 0.6 0.5 - 0.7 Taxation charge 0.5 0.4 - 0.7 Other Considerations: Marketing adjusted earnings are expected to be in line with Q1’26. Chemicals and Products $ billions Q1’26 Q2’26 Outlook Comment Indicative refining margin $17/bbl ~$20/bbl* Indicative chemicals margin $139/tonne ~$240/tonne* Refinery utilisation 99% ~100% Chemicals utilisation 85% 80% - 84% Underlying opex 2.0 1.8 - 2.2 Pre-tax depreciation 0.9 1.1 - 1.3 Taxation charge / (credit) 0.7 0.3 - 0.8 Other Considerations: Trading & Optimisation is expected to be in line with Q1’26. *Given market dislocatio...