Shell has updated its second-quarter 2026 outlook, warning that the Middle East conflict is weighing on production volumes from its Qatari integrated gas operations.
The energy major's integrated gas production guidance for the second quarter sits at 1,620 to 1,820 thousand barrels of oil equivalent per day, with LNG liquefaction volumes in a range of 2,500 to 2,700 million tonnes.
Trading and optimisation in the integrated gas division is expected to come in significantly higher than the first quarter, while marketing adjusted earnings are seen in line with the prior period.
In chemicals and products, Shell noted that market dislocations have pushed realised refining and chemicals margins below its indicative refining and chemicals margins, with adjusted figures of approximately $240 per tonne for chemicals and $139 per tonne for refining.
Working capital movements for the group reflect what Shell described as unprecedented volatility in commodity prices.
The renewables and energy solutions division is guiding for adjusted earnings of between minus $0.3 billion and positive $0.3 billion for the quarter.
Shell's full second-quarter 2026 results are scheduled for 30 July, with the company-compiled consensus, managed by Vara Research, expected to be published on 22 July.
