Shell plc publishes third quarter 2026 press release

加载中...

Shell plc 2026-10-29

London, October 29, 2026

"Shell's relentless focus on operational performance enabled very strong results in a quarter with continued severe disruption to the global energy system. I'm grateful to Shell's teams around the world who continue to work tirelessly to produce and supply the energy our customers need.

We are further investing in our advantaged Integrated Gas business with the completion of the ARC Resources Ltd. acquisition and the final investment decision on LNG Canada Phase 2, supporting Shell's long-term cash flow growth.

Our strong delivery allows us to announce a $5 billion share buyback programme for the next three months."

Shell plc Chief Executive Officer, Wael Sawan

STRONG AND CONSISTENT OPERATIONAL PERFORMANCE

Q3 2026 Adjusted Earnings1 of $10.8 billion, reflects strong operational performance in a continued volatile and elevated commodity price environment with record refining margins.
CFFO of $21.0 billion despite Middle East outages.
Continued portfolio strengthening, including the ARC Resources and US Mobility acquisitions, FID on LNG Canada Phase 2, high-grading of the power portfolio, and divestment of non-core oil and gas assets in the US and Cyprus.
Disciplined spending, with the cash capex outlook for 2026 (including ARC) in the $23 - 25 billion range.
Strong balance sheet with post-ARC acquisition gearing of 16.6% (2.7% excluding leases).
Announced $5 billion buybacks for the next 3 months.

$ million1		Adj. Earnings	Adj. EBITDA	CFFO	Cash capex
Integrated Gas		3,037	5,184	4,606	4,756
Upstream		3,189	9,269	7,281	1,691
Marketing		1,164	1,986	(210)	415
Chemicals & Products2		3,855	6,201	8,527	678
Renewables & Energy Solutions		289	373	1,558	342
Corporate		(705)	(277)	(719)	40
Less: Non-controlling interest (NCI)		14
Shell	Q3 2026	10,814	22,736	21,043	7,922
Shell	Q2 2026	9,836	20,710	21,432	4,237

1Income/(loss) attributable to shareholders for Q3 2026 is $12.1 billion. Reconciliation of non-GAAP measures can be found in the quarterly unaudited results, available on www.shell.com/investors.

2Chemicals & Products Adjusted Earnings at a subsegment level are as follows: Chemicals $0.1 billion and Products $3.8 billion.

CFFO excluding working capital of $21.7 billion in Q3 2026 with tax paid of $3.2 billion and $2.4 billion outflow related to the timing impact of payments for emissions certificates relating to the German BEHG1, offset by a derivative inflow of $3.4 billion.
Working capital outflow of $0.6 billion reflects a reduction in JV deposits. $0.8 billion of the JV dividends received were previously held in deposit in the Corporate segment.
Net debt of $39.7 billion includes ~$8 billion non-cash net debt reflecting variable component of long-term shipping leases in the current macro environment. Net debt excluding leases is $5.6 billion.

$ billion2	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Working capital	—	1.3	(11.2)	3.4	(0.6)
Divestment proceeds	1.8	0.1	0.4	0.5	2.7
Free cash flow	10.0	4.2	2.9	17.5	16.3
Net debt	41.2	45.7	52.6	41.8	39.7

1Brennstoffemissionshandelsgesetz (Fuel Emissions Trading Act), historically paid in the 4th quarter of each calendar year.

2Reconciliation of non-GAAP measures can be found in the quarterly unaudited results, available on www.shell.com/investors.

Q3 2026 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS

Key data	Q2 2026	Q3 2026	Q4 2026 outlook
Realised liquids price ($/bbl)	80	69	—
Realised gas price ($/thousand scf)	7.2	8.3	—
Production (kboe/d)	631	772	1,080 - 1,180
LNG liquefaction volumes (MT)	7.7	7.4	7.3 - 7.9
LNG sales volumes (MT)	18.0	19.3	—

Adjusted Earnings were higher than in Q2 2026, reflecting higher gas and LNG prices. Trading and Optimisation was in line with Q2 2026.
Q4 2026 production outlook reflects the ARC Resources acquisition, which completed on September 2, 2026.

UPSTREAM

Key data	Q2 2026	Q3 2026	Q4 2026 outlook
Realised liquids price ($/bbl)	89	84	—
Realised gas price ($/thousand scf)	8.3	10.0	—
Liquids production (kboe/d)	1,367	1,360	—
Gas production (million scf/d)	2,648	2,562	—
Total production (kboe/d)	1,824	1,802	1,700 - 1,900

Adjusted Earnings were lower than in Q2 2026, reflecting lower liquids prices and higher well write-offs.
Q4 2026 production outlook includes allowance for weather-related impacts in the Gulf of America.

MARKETING

Key data	Q2 2026	Q3 2026	Q4 2026 outlook
Marketing sales volumes (kb/d)	2,570	2,581	2,400 - 2,600
Mobility (kb/d)	1,867	1,888	—
Lubricants (kb/d)	75	66	—
Sectors & Decarbonisation (kb/d)	627	627	—

Adjusted Earnings were lower than in Q2 2026, reflecting weaker Mobility unit margins and lower Lubricants volumes.

CHEMICALS & PRODUCTS

Key data	Q2 2026	Q3 2026	Q4 2026 outlook
Refinery processing intake (kb/d)	1,267	1,211	—
Chemicals sales volumes (kT)	2,281	2,369	—
Refinery utilisation (%)	102	96	92 - 100
Chemicals manufacturing plant utilisation (%)	83	84	78 - 86
Global indicative refining margin ($/bbl)	24	42	—
Global indicative chemical margin ($/t)	270	208	—

Adjusted Earnings were significantly higher than in Q2 2026, reflecting high refining margins and strong operational performance despite low water levels in the Rhine river.
Trading and Optimisation was lower than in a very strong Q2 2026, driven by the impact of non-cash timing effects.

RENEWABLES & ENERGY SOLUTIONS

Key data	Q2 2026	Q3 2026
External power sales (TWh)	70	74
Sales of pipeline gas to end-use customers (TWh)	161	158
Renewables power generation capacity (GW)*	6.2	6.2
in operation (GW)	4.5	4.6
under construction and/or committed for sale (GW)	1.7	1.6

*Excludes Shell's equity share of associates where information cannot be obtained.

Adjusted Earnings were higher than in Q2 2026, mainly driven by Trading and Optimisation in Europe and the Americas.

CORPORATE

Key data	Q2 2026	Q3 2026	Q4 2026 outlook
Adjusted Earnings ($ billion)	(0.6)	(0.7)	(0.8) - (0.6)

Shell Q4 2026 income/(loss) is expected to include the derecognition of the Netherlands defined benefit plan, which is expected to result in an identified, non-cash loss. As at 30 September, 2026, the estimated loss is $6.4 billion, subject to change in Q4. See Note 7 of the quarterly unaudited results, available on www.shell.com/investors/results-and-reporting/quarterly-results, for further details.

UPCOMING INVESTOR EVENTS

February 4, 2027 Capital Markets Update 2027 & Fourth quarter 2026 results and dividends

April 29, 2027 First quarter 2027 results and dividends

July 29, 2027 Second quarter 2027 results and dividends

October 28, 2027 Third quarter 2027 results and dividends

USEFUL LINKS

Results materials Q3 2026

Webcast registration Q3 2026

Dividend announcement Q3 2026

Capital Markets Day 2025 materials

Financial Modelling Guidance

LNG Portfolio - Strategic Spotlight 2026

Impact of Middle East conflict

ARC acquisition materials

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

This announcement includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, Adjusted EBITDA, CFFO excluding working capital movements, Cash capital expenditure, free cash flow, Divestment proceeds and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Shell plc's operating performance and ability to retire debt and invest in new business opportunities. Shell plc's management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance.

This announcement may contain certain forward-looking non-GAAP measures such as free cash flow and underlying operating expenses. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile the non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of the company, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are estimated in a manner which is consistent with the accounting policies applied in Shell plc's consolidated financial statements.

CAUTIONARY STATEMENT

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries'', “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions, including (without limitation) those concerning Shell's strategy and operating plans, macroeconomic conditions, future energy demand, supply and product mix, commodity prices, demand for Shell's products, production results and reserve estimates, development, execution and management of projects, energy transition and climate change, management of safety and environmental risks, costs, cash capital expenditures, technology advancements, legislative, judicial, fiscal and regulatory developments, regional conflicts and trading conditions, and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate''; “aspire”; “aspiration”; ‘‘believe''; “commit”; “commitment”; ‘‘could''; “desire”; ‘‘estimate''; ‘‘expect''; ‘‘goals''; ‘‘intend''; ‘‘may''; “milestones”; ‘‘objectives''; ‘‘outlook''; ‘‘plan''; ‘‘probably''; ‘‘project''; ‘‘risks''; “schedule”; ‘‘seek''; ‘‘should''; ‘‘target''; “vision”; ‘‘will''; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell's products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc's Form 20-F for the year ended December 31, 2025 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, October 29, 2026. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

All amounts shown throughout this announcement are unaudited. The numbers presented throughout this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

The content of websites referred to in this announcement does not form part of this announcement.

We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

The financial information presented in this announcement does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2025 were published in Shell's Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell's Form 20-F. The auditor's report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

The information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell's third quarter 2026 unaudited results available on www.shell.com/investors.

CONTACTS