--- 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) generator: "portal-rs" --- # 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 ### Related Stocks - [RDSB.UK](https://longbridge.com/en/quote/RDSB.UK.md) - [SHEL.WI.US](https://longbridge.com/en/quote/SHEL.WI.US.md) - [XOP.US](https://longbridge.com/en/quote/XOP.US.md) - [IEO.US](https://longbridge.com/en/quote/IEO.US.md) - [VDE.US](https://longbridge.com/en/quote/VDE.US.md) - [IXC.US](https://longbridge.com/en/quote/IXC.US.md) - [XLE.US](https://longbridge.com/en/quote/XLE.US.md) - [OIH.US](https://longbridge.com/en/quote/OIH.US.md) - [SHEL.US](https://longbridge.com/en/quote/SHEL.US.md) - [ARCH.US](https://longbridge.com/en/quote/ARCH.US.md) - [BP.US](https://longbridge.com/en/quote/BP.US.md) - [EQNR.US](https://longbridge.com/en/quote/EQNR.US.md) - [STOHF.US](https://longbridge.com/en/quote/STOHF.US.md) - [BP.UK](https://longbridge.com/en/quote/BP.UK.md) ## Related News & Research - [VEGOILS-Palm extends gains on firm crude, El Nino-related supply worries](https://longbridge.com/en/news/296476225.md) - [W.Africa Crude - Market holds steady](https://longbridge.com/en/news/296255852.md) - [Oil prices steady as investors assess US-Iran war outlook](https://longbridge.com/en/news/296417823.md) - [W.Africa Crude - Market quiet, awaiting loading programs](https://longbridge.com/en/news/296384200.md) - [About half of Venezuela oil output now goes to US, Under Secretary Haustveit says](https://longbridge.com/en/news/296261551.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**