Shell plc Third Quarter 2026 Update

Shell plc has issued a Form 6-K report providing an update on its third quarter 2026 outlook. The report details expected performance across its Integrated Gas, Upstream, Marketing, and Chemicals and Products segments. Key highlights include an expected increase in Integrated Gas production, with outlook figures ranging from 740 to 780 kboe/d, and LNG liquefaction volumes between 7.2 and 7.6 MT. The Upstream segment anticipates production between 1,735 and 1,835 kboe/d. Marketing sales volumes are projected to be between 2,550 and 2,650 kb/d. The Chemicals and Products segment expects indicative refining margins of $42/bbl and indicative chemicals margins of $208/tonne, with refinery utilization projected between 93% and 97%. The report also provides updates on underlying operating expenses, pre-tax depreciation, and taxation charges for each segment. Other considerations include an expected $0.3 billion in exploration well write-offs for the Upstream segment and lower adjusted earnings for the Marketing segment compared to Q2 2026. The company anticipates a CFFO outflow related to emissions certificates and notes that non-cash impairments in Marketing are expected to be offset by reversals in Integrated Gas. Net debt will be impacted by the ARC acquisition and an increase in long-term shipping leases. The company will publish its compiled consensus on October 21, 2026, and its third quarter results on October 29, 2026.