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Shell expects higher gas trading profits to offset lower oil and gas output in Q2 2026

Market News
07 Jul 2026
Proactive Investors
View Source
Neutral
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Shell anticipates stronger trading and optimization earnings in its integrated gas business to compensate for a drop in production caused by disruptions in Qatar due to the Iran war. Integrated gas production is forecast to fall to 610,000-650,000 barrels of oil equivalent per day in Q2 from 909,000 in Q1. Despite this, refining and chemicals margins are expected to improve, though realized margins remain below benchmarks due to market issues. Shell also forecasts stable upstream production and a positive working capital movement, signaling resilience amid volatile commodity prices. The company will release its Q2 results on July 30, 2026.

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