Shell forecasts Q3 Integrated Gas production at 740,000-780,000 boe/d

• Shell guided Q3 2026 Integrated Gas production at 740-780 kboe/d, up from 631 kboe/d in Q2.
• LNG liquefaction volumes seen at 7-8 million tonnes versus 8 million tonnes in Q2; underlying opex forecast at USD 1.3-1.5 billion.
• Upstream production outlook set at 1,735-1,835 kboe/d versus 1,824 kboe/d; exploration well write-offs expected near USD 0.3 billion.
• Chemicals and Products indicative refining margin seen at USD 42/bbl versus USD 24/bbl; refinery utilization forecast at 93%-97%.
• Group tax paid expected at USD 3.1-3.9 billion; working capital movement forecast at minus USD 4 billion to USD 1 billion.

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