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


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   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.


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