Shell updates Q2 2026 outlook, citing Middle East conflict impact and expects refining margins to rise.

Shell plc provided an updated outlook for Q2 2026, highlighting reduced Integrated Gas production due to the Middle East conflict affecting Qatari volumes. Despite this, refining margins are expected to improve to around $20 per barrel, with chemicals margins also rising significantly. The company anticipates stable marketing earnings and notes volatility in commodity prices impacting working capital. Final results will be published on July 30, 2026, with consensus estimates due July 22, 2026.