Shell PLC (SHEL) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Shell's first quarter 2026 financial results announcement. Shell CFO Sinead Gorman will present the results, then host a Q&A session. If you would like to ask a question, please press star 1. If you wish to be removed from the queue, please press star 2. We will now begin the presentation. Welcome to Shell's first quarter 2026 results presentation. I'm pleased that amid heightened volatility this quarter, we delivered strong results through our relentless focus on operational performance and the strength of our integrated global portfolio. Yet again, our staff rose to the challenge and were able to deliver this safely and effectively, navigating another quarter of uncertainty. Let me first take you to our queue on results before I come back to the impact of the Middle East conflict in more detail. We delivered a strong set of results, with adjusted earnings for the quarter of just under $7 billion. And we generated over $17 billion of cash flow from operations, excluding working capital. Our working capital outflow for the quarter was some $11 billion, reflecting the impact of higher commodity prices on inventory and receivables. We would expect a significant amount of this outflow to reverse over time, Now turning to our businesses in more detail. In upstream, we delivered strong operational performance across the board. For example, in Brazil, we achieved record production levels. In Nigeria, at Bonga, we completed a turnaround 10 days ahead of plan. And in the United States, our Mars platform became the first asset in the Gulf of America to reach 1 billion barrels of oil production. In integrated gas, the continued ramp-up of LNG Canada helped to offset the impact of cyclones in Australia and the shutdown of production in Qatar. LNG trading and optimisa...