Shell (SHEL LN) Q3 2026 (USD): Adj. Profit 10.81bln (exp. 10.23bln), Adj. EPS 4.03 (exp. 3.97); announces commencement of a USD 5bln share buyback programme
ORIGINAL · NewsquawkShell (SHEL LN) Q3 2026 (USD): Adj. Profit 10.81bln (exp. 10.23bln), Adj. EPS 4.03 (exp. 3.97); announces commencement of a USD 5bln share buyback programmeRead originalHide original
Further Metrics Adj. Earnings: USD 10.814bln (prev. 9.836bln Q/Q) Adj. EBITDA: USD 22.736bln (prev. 20.710bln Q/Q) Operating Cash Flow: USD 21.043bln (prev. 21.432bln Q/Q) Cash CAPEX: USD 7.922bln (prev. 4.237bln Q/Q) Free Cash Flow: USD 16.3bln (prev. 17.5bln Q/Q) Net Debt: USD 39.7bln (prev. 41.8bln Q/Q) Gearing: 16.6% (prev. 18.7% Q/Q) Segment Adjusted Earnings Integrated Gas: USD 3.037bln (prev. 2.691bln Q/Q) Upstream: USD 3.189bln (prev. 3.485bln Q/Q) Marketing: USD 1.164bln (prev. 1.329bln Q/Q) Chemicals & Products: USD 3.855bln (prev. 2.877bln Q/Q) Renewables & Energy Solutions: USD 289mln (prev. 79mln Q/Q) Corporate: USD -705mln (prev. -617mln Q/Q) Margins & Operational Performance Global Indicative Refining Margin: USD 42/bbl (prev. USD 24/bbl Q/Q) Global Indicative Chemical Margin: USD 208/t (prev. USD 270/t Q/Q) Refinery Utilisation: 96% (prev. 102% Q/Q) Chemicals Plant Utilisation: 84% (prev. 83% Q/Q) Integrated Gas Production: 772 kboe/d (prev. 631 kboe/d Q/Q) Upstream Production: 1,802 kboe/d (prev. 1,824 kboe/d Q/Q) LNG Liquefaction Volumes: 7.4 MT (prev. 7.7 MT Q/Q) Key Earnings Drivers Record refining margins and stronger gas and LNG prices supported earnings. Integrated Gas benefited from higher realised prices and production volumes. Upstream earnings declined due to lower liquids prices and higher well write-offs. Marketing was impacted by weaker Mobility margins and lower Lubricants volumes. Chemicals & Products benefited from significantly higher refining margins. Middle East disruptions continued to affect operations. Shareholder Returns & Capital Allocation New Share Buyback: USD 5.0bln announced for the next three months. Net Debt Excluding Leases: USD 5.6bln. Completed the ARC Resources acquisition and took the final investment decision on LNG Canada Phase 2. FY 2026 & Q4 Guidance FY 2026 Cash CAPEX: USD 23–25bln. Q4 Integrated Gas Production: 1,080–1,180 kboe/d. Q4 LNG Liquefaction Volumes: 7.3–7.9 MT. Q4 Upstream Production: 1,700–1,900 kboe/d. Q4 Marketing Sales Volumes: 2,400–2,600 kb/d. Q4 Refinery Utilisation: 92–100%. Q4 Chemicals Plant Utilisation: 78–86%. Q4 Corporate Adj. Earnings: USD -600mln to -800mln.
Shell reported higher Q3 adjusted earnings, mixed segment and operating metrics, and a USD 5.0bln buyback; it also provided FY 2026 and Q4 guidance.
News detail
Further Metrics Adj. Earnings: USD 10.814bln (prev. 9.836bln Q/Q) Adj. EBITDA: USD 22.736bln (prev. 20.710bln Q/Q) Operating Cash Flow: USD 21.043bln (prev. 21.432bln Q/Q) Cash CAPEX: USD 7.922bln (prev. 4.237bln Q/Q) Free Cash Flow: USD 16.3bln (prev. 17.5bln Q/Q) Net Debt: USD 39.7bln (prev. 41.8bln Q/Q) Gearing: 16.6% (prev. 18.7% Q/Q) Segment Adjusted Earnings Integrated Gas: USD 3.037bln (prev. 2.691bln Q/Q) Upstream: USD 3.189bln (prev. 3.485bln Q/Q) Marketing: USD 1.164bln (prev. 1.329bln Q/Q) Chemicals & Products: USD 3.855bln (prev. 2.877bln Q/Q) Renewables & Energy Solutions: USD 289mln (prev. 79mln Q/Q) Corporate: USD -705mln (prev. -617mln Q/Q) Margins & Operational Performance Global Indicative Refining Margin: USD 42/bbl (prev. USD 24/bbl Q/Q) Global Indicative Chemical Margin: USD 208/t (prev. USD 270/t Q/Q) Refinery Utilisation: 96% (prev. 102% Q/Q) Chemicals Plant Utilisation: 84% (prev. 83% Q/Q) Integrated Gas Production: 772 kboe/d (prev. 631 kboe/d Q/Q) Upstream Production: 1,802 kboe/d (prev. 1,824 kboe/d Q/Q) LNG Liquefaction Volumes: 7.4 MT (prev. 7.7 MT Q/Q) Key Earnings Drivers Record refining margins and stronger gas and LNG prices supported earnings. Integrated Gas benefited from higher realised prices and production volumes. Upstream earnings declined due to lower liquids prices and higher well write-offs. Marketing was impacted by weaker Mobility margins and lower Lubricants volumes. Chemicals & Products benefited from significantly higher refining margins. Middle East disruptions continued to affect operations. Shareholder Returns & Capital Allocation New Share Buyback: USD 5.0bln announced for the next three months. Net Debt Excluding Leases: USD 5.6bln. Completed the ARC Resources acquisition and took the final investment decision on LNG Canada Phase 2. FY 2026 & Q4 Guidance FY 2026 Cash CAPEX: USD 23–25bln. Q4 Integrated Gas Production: 1,080–1,180 kboe/d. Q4 LNG Liquefaction Volumes: 7.3–7.9 MT. Q4 Upstream Production: 1,700–1,900 kboe/d. Q4 Marketing Sales Volumes: 2,400–2,600 kb/d. Q4 Refinery Utilisation: 92–100%. Q4 Chemicals Plant Utilisation: 78–86%. Q4 Corporate Adj. Earnings: USD -600mln to -800mln.
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