WorldStage– Shell plc, a global energy giant has released its first quarter 2026 results with adjusted Earnings of $6.9 billion reflect strong performance across the business.
Highlights of the result released on Thursday include, CFFO excluding working capital was $17.2 billion for the quarter. Working capital outflow of $11.2 billion in Q1 2026 reflects impact of unprecedented volatility in commodity prices.
• Strong operational performance across the portfolio supports higher contributions from trading & optimisation.
• Cash capex outlook for 2026: $24 – $26 billion, includes ~$4 billion for ARC acquisition. 2027 – 2028 outlook unchanged at $20 – $22 billion.
• ARC Resources acquisition to add 370 kboe/d, leading to a 4% production CAGR through to 2030 (from 2025).
• Resilient balance sheet with gearing of 23% (including leases) mainly reflects working capital increase in current price environment.
• Commencing a $3.0 billion share buyback programme for the next 3 months and 5% increase in the dividend to $0.3906.
• Q2 2026 volume outlook reflects the expected impact of the Middle East conflict.
Chief Executive Officer, Wael Sawan in his comment said, “Shell delivered strong results enabled by our relentless focus on operational performance in a quarter marked by unprecedented disruption in global energy markets.
“The safety of our people remains our priority as we work closely with governments and customers to address their energy needs.
“Last week we announced the acquisition of ARC Resources, accelerating our strategy by adding complementary, highquality, low-cost liquids and gas assets that we believe will deliver value for decades to come.
“Today, consistent with our value driven capital allocation philosophy, we are rebalancing our shareholder distributions, with a $3 billion share buyback programme for the next 3 months and a 5% increase in the dividend, in line with our existing 40-50% of CFFO distribution policy.”
