Shell PLC (SHEL) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Shell's second quarter 2026 financial results announcement. Shell CEO Wael Sawan and 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 everyone and thank you for joining. Today Sinead and I will present Shell's second quarter 2026 results. In Q2, Shell delivered very strong results driven by strong operational performance across our businesses. That performance reflects our relentless focus on execution, which enabled us to provide the critical energy our customers needed when it mattered. In integrated gas, strong performance across our global portfolio helped to offset some of the lost LNG volumes from Qatar. Take our LNG Canada joint venture, for example. This is a greenfield project that shipped its first cargo just a year ago, and it has already delivered more than 100 cargoes and achieved full capacity this quarter. In Upstream, our continued focus on performance also unlocked additional production this quarter. We continue to optimize and deliver turnarounds ahead of schedule, enabling performance such as in Brazil, where we delivered another quarter of record production. Our Pennsylvania petrochemicals complex also delivered its best performance to date and our refineries achieved a record 102% utilization in a high margin period. Our refineries have responded to what the market needs, shifting production towards middle distillates like jet fuel, capturing more value from our assets. These kinds of value-based decisions make a difference at a time when global energy flows are under pressure. And behind them sits an important structural strength, Shell's integrated mod...