SHEL

Press Release July 9, 2026 Shell plc Announces Final Results of Exchange Offers Shell plc (LSE: SHEL) (NYSE: SHEL) (AEX: SHELL) today announces the final results of its previously announced offers to exchange (the “Exchange Offers” and each, an “Exchange Offer”) any validly tendered (and not validly withdrawn) and accepted notes of certain series of outstanding unregistered notes issued by Shell Finance US Inc. (“Shell Finance US” or the “Issuer”) and fully and unconditionally guaranteed by Shell plc (such notes, the “Restricted Notes”) issued pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”) for a like amount of new registered notes issued by Shell Finance US and fully and unconditionally guaranteed by Shell plc (the “Exchange Notes”), as described in the prospectus dated June 8, 2026 (the “Prospectus”). The total aggregate principal amount of Restricted Notes that were validly tendered (and not validly withdrawn) and accepted for exchange in the Exchange Offers was $6,298,101,000, as set forth in the table below under the heading “Aggregate Principal Amount Tendered and Accepted.

Shell is positioned to benefit from elevated European LNG prices, despite near-term disruptions in its Qatar operations due to the Iran crisis. I initiated a peripheral position in SHEL after a 10% pullback, viewing the LNG market outlook and share price discount as attractive entry points. Shell's Q2 guidance suggests stable upstream production, improved downstream margins, and a volatile but potentially lucrative LNG segment amid market disruptions.

SHEL raises Q2 refining margin outlook and expects stronger gas trading to offset lower production caused by Middle East disruptions.

Shell Plc's (LSE:SHEL, NYSE:SHEL) second-quarter update has pushed brokers to raise forecasts, with Citi lifting its EPS estimate by 13% and Jefferies increasing its earnings forecast by 14% to around US$9 billion. Citi said the statement was “incrementally positive”, with the main upside coming from downstream.

Shell PLC (LSE:SHEL, NYSE:SHEL) said stronger trading in its integrated gas business and improved refining margins should support second-quarter performance, although production has been hit by disruption to output from Qatar following the Iran war. Ahead of second-quarter results on 30 July, the oil major said integrated gas production is expected to be 610,000-650,000 barrels of oil equivalent a day in the second quarter, down from 909,000 in the first quarter, reflecting the impact on Qatari volumes.

Shell raised its guidance slightly ​on Tuesday for its integrated gas production in ‌the April-June quarter, though output is expected to be sharply lower than in the first quarter because of effects from the ​Middle East conflict.

The British energy major said its gas-trading division is expected to report significantly higher results than the first quarter, but integrated gas unit production is set to fall.

The following is an update to the second quarter 2026 outlook and gives an overview of our current expectations for the second quarter. Outlooks presented may vary from the actual second quarter 2026 results and are subject to finalisation of those results, which are scheduled to be published on July 30, 2026. Unless otherwise indicated, all outlook statements exclude identified items.

SHEL's LNG Outlook 2026 projects global LNG demand to grow 65% by 2050, highlighting market resilience, energy security and rising Asian demand.

In the latest trading session, Shell (SHEL) closed at $76.57, marking a -1.25% move from the previous day.