Shell flags Q1 hit from Middle East conflict; shares down 7% in Oil & Companies News 09/04/2026 Shell Plc said first-quarter 2026 indicative refining margins rose to $17 per barrel, while warning that “unprecedented volatility in commodity prices” is expected to drive a significant working capital outflow, sending shares down more than 7%, making it one of the FTSE 100’s top losers on Wednesday. The company said working capital movements are expected at between negative $15 billion and negative $10 billion in the quarter, reflecting the impact of price swings on inventory and receivables. In its Chemicals and Products division, indicative refining margins increased from $14 per barrel in the fourth quarter of 2025 to $17 per barrel, while indicative chemicals margins were broadly flat at $139 per tonne compared with $140 per tonne previously. Integrated Gas production is expected at 880,000 to 920,000 barrels of oil equivalent per day, down from 948,000 boe/d in the prior quarter, reflecting “the impact of the Middle East conflict on Qatari volumes.” LNG liquefaction volumes are seen at 7.6 million to 8 million tonnes, compared with 7.8 million tonnes in the fourth quarter. Upstream production is forecast at 1.76 million to 1.86 million boe/d, compared with 1.892 million boe/d in the previous quarter, including reduced output following the Adura joint venture incorporation. In Marketing, sales volumes are expected at 2.55 million to 2.65 million barrels per day, compared with 2.701 million b/d in the fourth quarter, with adjusted earnings “expected to be significantly higher than Q1’25.” Chemicals utilisation is projected at 81% to 85%, up from 76% in the prior quarter, while refinery utilisation is seen at 95% to 99%, compared with 95% previously. In Renewables and Energy Solutions, adjusted earnings are forecast at $0.2 billion to $0.7 billion, compared with $0.1 billion in the fourth quarter, with Trading & Optimisation expected to be “significantly higher than Q4’25.” Corporate adjusted earnings are expected at negative $1.0 billion to negative $0.8 billion, compared with negative $0.6 billion in the previous quarter. Across the group, tax paid is seen at $2.0 billion to $2.8 billion, compared with $2.6 billion in the fourth quarter, while financial derivative instrument movements are expected in a range of negative $1 billion to positive $4 billion. The company also said non-cash net debt is expected to be impacted by a $3 billion to $4 billion increase in variable components of long-term shipping leases. Shell added that its outlook is “subject to increased uncertainty” in light of the ongoing situation in the Middle East. Source: Investing.com 2026-04-09 hellenicshippingnews... window.___gcfg = {lang: 'en-US'}; (function(w, d, s) { function go(){ var js, fjs = d.getElementsByTagName(s)[0], load = function(url, id) { if (d.getElementById(id)) {return;} js = d.createElement(s); js.src = url; js.id = id; fjs.parentNode.insertBefore(js, fjs); }; load('//connect.facebook.net/en/all.js#xfbml=1', 'fbjssdk'); load('https://apis.google.com/js/plusone.js', 'gplus1js'); load('//platform.twitter.com/widgets.js', 'tweetjs'); } if (w.addEventListener) { w.addEventListener("load", go, false); } else if (w.attachEvent) { w.attachEvent("onload",go); } }(window, document, 'script')); tweet Share