July 31, 2026 [Financial Post] – Shell’s Q2 adjusted net income surged to US$9.8 billion—more than double year-earlier levels and above forecasts—driven by Middle East conflict volatility.

Oil trading and refining earnings exploded over 700% to US$2.52 billion as fuel prices soared far above crude, boosting margins for majors.
 
Refineries ran at a record 102% utilization (highest since at least 2022) with jet-fuel output up 20%, while the company kept its US$3 billion quarterly buyback.
 
Integrated gas production fell 31% from Qatar disruption (including missile damage to Pearl GTL), yet record Brazil upstream output and full LNG Canada production cushioned the hit.
 
The short-term trading/refining boom highlights Shell’s integrated model strengths, but CEO Wael Sawan still faces pressure to rebuild long-term reserves after years of cost-cutting.

Read the full article on Financial Post.

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