Shell raises LNG outlook ahead of Q2 results

• Shell (NYSE:SHEL) updated its Q2 2026 outlook, raising LNG liquefaction volume guidance to 7.4–7.8 million tonnes.
• Refining and chemicals margins improved, with indicative refining margins rising to about $20 per barrel.
• The company expects working capital inflow of $1–6 billion in Q2, compared with an outflow in Q1.

Shell (NYSE:SHEL) issued an updated Q2 2026 outlook ahead of its July 30, 2026 results, covering production, margins, costs, taxation, and cash flow across its business segments.

The company raised LNG liquefaction volume guidance to 7.4–7.8 million tonnes from the previous range of 6.8–7.4 million tonnes.

Shell expects Integrated Gas production of 610–650 thousand barrels of oil equivalent per day, down from 909 thousand barrels per day in Q1 2026.

The company said Middle East conflict-related disruptions are expected to affect Qatari Integrated Gas volumes.

Shell guided for an indicative refining margin of around $20 per barrel, compared with $17 per barrel in Q1 2026, while chemicals margins are expected at about $240 per tonne versus $139 per tonne.

The company expects Group working capital movement to be a $1–6 billion inflow, compared with an $11.2 billion outflow in Q1 2026.

Shell also expects upstream taxation charges of $2.4–$3.2 billion and tax paid in cash flow from operations of $2.6–$3.4 billion.