Shell plc (NYSE: SHEL) reported Q1 EPS of $2.42, $0.40 better than the analyst estimate of $2.02. Revenue for the quarter came in at $69.69 billion versus the consensus estimate of $76.19 billion.

OUTLOOK

Second quarter 2026 outlook reflects impact of Middle East conflict including Qatar and higher planned maintenance across the portfolio. Upstream production is expected to be approximately 1,620 - 1,820 thousand boe/d. Second quarter 2026 outlook reflects higher planned maintenance across the portfolio. Marketing sales volumes are expected to be approximately 2,500 - 2,700 thousand b/d. Refinery utilisation is expected to be approximately 91% - 99%. Chemicals manufacturing plant utilisation is expected to be approximately 76% - 84%. Corporate Adjusted Earnings1 were a net expense of $908 million for the first quarter 2026. Corporate Adjusted Earnings are expected to be a net expense of approximately $600 - $800 million in the second quarter 2026.

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