30 July 2026
If you are covering Shell’s latest results, please see the following comment from Maurizio Carulli, global energy analyst at Quilter Cheviot:
“Shell delivered a very strong set of results this morning, comfortably ahead of market expectations despite a quarter marked by disruption from the conflict in the Middle East and issues at its Pearl gas-to-liquids facility in Qatar.
“Net income of $9.8 billion came in around 10% above expectations, more than doubling year-on-year and up by a third on the quarter. Meanwhile, strong cash flow helped reduce gearing significantly from 23% last quarter to 18.7%. The standout contribution came from Shell’s trading operation, which once again demonstrated the value of its integrated business model, supported by healthy refining and chemicals performance and robust production growth in Brazil.
“Under CEO Wael Sawan and CFO Sinead Gorman, Shell has remained firmly focused on operational efficiency, disciplined capital allocation and portfolio optimisation. That approach continues to produce resilient earnings and strong cash flows.
“These results reinforce Shell’s position as one of the sector’s strongest operators. It remains a steady ship in an industry where conditions can change rapidly, once again proving its ability to navigate challenging waters while continuing to create value for shareholders.”
