Shell PLC has raised its production outlook for the second quarter of 2026, citing improved performance in its Integrated Gas and Upstream segments alongside better refining margins. The company now expects Integrated Gas production to range between 610,000 and 650,000 barrels of oil equivalent per day (boe/d), an increase from its previous guidance of 580,000 to 640,000 boe/d. LNG liquefaction volumes are forecast between 7.4 million and 7.8 million metric tons, compared to prior guidance of 6.8 million to 7.4 million metric tons. Trading & Optimisation results for the Integrated Gas segment are expected to be significantly higher than in Q1’26.

In the Upstream segment, Shell increased its production forecast to 1.75 million to 1.85 million boe/d, up from the earlier range of 1.62 million to 1.82 million boe/d. The taxation charge is expected to rise to a range of $2.4–3.2 billion from $2.1 billion. Marketing sales volumes are projected at 2.55 million to 2.65 million barrels per day, versus the earlier outlook of 2.50 million to 2.70 million barrels per day.

The Chemicals and Products segment indicates an improvement in margins, with the indicative refining margin expected to reach approximately $20 per barrel, up from $17/bbl in Q1’26. The indicative chemicals margin is forecast to rise to approximately $240/tonne from $139/tonne. Refinery utilisation is expected to be around 100%, compared to previous guidance of 91% to 99%, while chemicals utilisation is projected to be between 80% and 84%, up from prior guidance of 76% to 84%.

For the Renewables and Energy Solutions segment, adjusted earnings are forecast to be in the range of a loss of $0.3 billion to a profit of $0.3 billion. Corporate adjusted earnings are projected to be a loss of $0.5–0.7 billion. At the group level, cash flow from operating activities (CFFO) is expected to see working capital movements of $1–6 billion, reflecting the impact of unprecedented volatility in commodity prices.

Looking at long-term demand, Shell expects global liquefied natural gas demand to rise about 65% from 2025 levels to nearly 700 million metric tons a year by 2050. The company noted that disruption to shipping through the Strait of Hormuz has temporarily shut in about one-fifth of global monthly LNG supply, lifting spot prices. However, stronger North American output and improved plant performance have partly offset the impact. Shell forecasts about 180 million metric tons of new annual LNG supply by 2030.

The following table outlines the updated operational outlook for Shell’s key segments for Q2’26 compared to Q1’26:

*Given market dislocations, realised refining and chemicals margins are lower than the calculated IRM / ICM and have been adjusted accordingly.

Shell plc disclosed that several Persons Discharging Managerial Responsibilities (PDMRs) acquired dividend shares on July 2, 2026, following the payment of the interim dividend on June 29, 2026, for the first quarter of 2026. The shares were acquired in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account. The transactions were conducted in Amsterdam, London, and New York, involving Ordinary Shares of €0.07 each and American Depositary Shares.

Transaction Details

The acquisitions included purchases by senior executives such as Wael Sawan, Chief Executive Officer, and Sinead Gorman, Chief Financial Officer. The transactions were executed at varying prices depending on the currency and location of the trade. For instance, shares acquired in Amsterdam were priced at EUR 33.9265, while those in London were priced at GBP 28.87677. American Depositary Shares traded in New York were priced at USD 78.03.

Summary of Acquisitions

Regulatory Context

The notification was made in accordance with the requirements of the EU and UK Market Abuse Regimes. Shell plc provided the Legal Entity Identifier code as 21380068P1DRHMJ8KU70. Further details regarding the share plans can be found in the Shell plc Annual Report and Form 20-F for the year ended December 31, 2025.