Shell sees FY26 capital expenditures $24B-$26B

The company said, “Full year 2025 cash capital expenditure was $21 billion. Our cash capital expenditure for the full year 2026 is expected to be $24 – $26 billion, including ~$4 billion related to the acquisition of ARC Resources Ltd. Integrated Gas production is expected to be approximately 580 – 640 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.8 – 7.4 million tonnes. Second quarter 2026 outlook reflects impact of Middle East conflict including Qatar and higher planned maintenance across the portfolio. Upstream production is expected to be approximately 1,620 – 1,820 thousand boe/d. Second quarter 2026 outlook reflects higher planned maintenance across the portfolio. Marketing sales volumes are expected to be approximately 2,500 – 2,700 thousand b/d. Refinery utilisation is expected to be approximately 91% – 99%. Chemicals manufacturing plant utilisation is expected to be approximately 76% – 84%. Corporate Adjusted Earnings were a net expense of $908 million for the first quarter 2026. Corporate Adjusted Earnings are expected to be a net expense of approximately $600 – $800 million in the second quarter 2026.”