Shell Q1 Income Up 24% Y-o-Y on Strong Trading, Refining

SECAUCUS, NJ (DTN) – Shell reported on Thursday (5/7) a 24% year-on-year growth in adjusted earnings for the first quarter of 2026, helped by higher trading contributions and improved refining margins.

• Adjusted earnings were at $6.9 billion in the latest quarter, versus $5.6 billion reported in the year-ago period and $3.3 billion in the fourth quarter of 2025.
• Stronger realized prices and operational resilience in the downstream activity and integrated gas segments bolstered the bottom line.
• Brent crude prices averaged $81 bbl in the first quarter of 2026, compared to $76 bbl in the same period last year.
• Global indicative refining margin for the quarter in review rose to $17 bbl versus $15 bbl a year ago.
• Refining utilization reached 99%, compared with 92% in the first quarter of 2025.