News, Before It’s News
News, Before It’s News
Shell (UK)
· GB:SHEL
May 7th, 2026
Operator
Welcome to Shell's First Quarter 2026 Financial Results Announcement. Shell's CFO, Sinead Gorman, will present the results, then host a Q&A session. [Operator Instructions] We will now begin the presentation.
Sinead Gorman
Welcome to Shell's First Quarter 2026 Results Presentation. I'm pleased that amid heightened volatility this quarter, we delivered strong results through our relentless focus on operational performance and the strength of our integrated global portfolio. Yet again, our staff rose to the challenge, and we're able to deliver this safely and effectively, navigating another quarter of uncertainty. Let me first take you through our Q1 results before I come back to the impact of the Middle East conflict in more detail. We delivered a strong set of results with adjusted earnings for the quarter of just under $7 billion, and we generated over $17 billion of cash flow from operations, excluding working capital. Our working capital outflow for the quarter was some $11 billion, reflecting the impact of higher commodity prices on inventory and receivables. We would expect a significant amount of this outflow to reverse over time. Now turning to our businesses in more detail.
In Upstream, we delivered strong operational performance across the board. For example, in Brazil, we achieved record production levels. In Nigeria, at Bonga, we completed a turnaround 10 days ahead of plan. And in the United States, our Mars platform became the first asset in the Gulf of America to reach 1 billion barrels of oil production. In Integrated Gas, the continued ramp-up of LNG Canada helped to offs...