---
title: "Key facts: Shell Q1 net $5.694B; Q2 output cut; 2026 capex $24–26B"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/285644135.md"
description: "Shell reported a Q1 2026 net income of $5.694B and adjusted earnings of $6.894B, with revenue at $69.691B. The company anticipates a Q2 output drop due to Middle East disruptions, cutting integrated gas output to 580–640k boe/d. Shell's 2026 capex is set at $24–26B, including $4B for ARC Resources. A $3B buyback program was launched, and a dividend of $0.3906 per share was declared. Despite strong Q1 results, shares fell ~2% due to rising net debt and macroeconomic factors."
datetime: "2026-05-08T01:04:45.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285644135.md)
  - [en](https://longbridge.com/en/news/285644135.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285644135.md)
---

# Key facts: Shell Q1 net $5.694B; Q2 output cut; 2026 capex $24–26B

-   Shell Q1 2026: net income $5.694B, adjusted earnings $6.894B, adjusted EBITDA $17.741B, revenue $69.691B. Net debt rose to $52.606B (gearing 23.2%). Dividend $0.3906; $3B buyback.12
-   Shell warns Q2 output drop: integrated gas 580–640k boe/d (from 909k Q1), upstream 1.62–1.82m boe/d (from 1.84m). Cites Middle East disruptions and Pearl GTL damage; buyback cut to $3bn.3
-   Shell set 2026 capex at $24–26B, including ~$4B for ARC Resources. Q2 2026 guidance: integrated gas 580–640k boe/d, LNG 6.8–7.4mt, upstream 1,620–1,820k boe/d, marketing 2,500–2,700k b/d4
-   Shell launched a $3.0B buyback to repurchase up to 320M ordinary shares via a single broker on London exchanges over ~3 months, execution window to July 24, 2026; subject to market and regs.5
-   Australia will require LNG exporters, including Shell, to reserve 20% of gas for the east coast market from July next year; rule covers new contracts and spot sales, not existing deals.6
-   Shell (SHEL) declared Q1 2026 interim dividend $0.3906 per ordinary share ($0.7812 per ADS). Ex-dividend May 21–22, record May 22, payment June 29; currency election and DRIP options available.78
-   Shell traders boosted earnings as refining margins, cost control and higher oil and gas prices lifted results.9
-   Shell (SHEL) shares opened down ~2% at 3,146.5p after a strong Q1 operational report; net debt rose due to higher working capital and inventories, decline blamed on macroeconomic factors.10
-   Shell exited the Northern Endurance Partnership carbon‑capture project in 2023. Remaining partners are BP and Equinor. Shell isn’t listed in BP’s recent plan to sell NZT Power and NEP stakes.11

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