Published
# Shell plc (SHEL): Current events, July 7, 2026 to October 7, 2026 Shell reports in US dollars, so its own amounts appear as filed. The one Canadian-dollar amount below is converted to US dollars. Shell files Form 6-K as a foreign private issuer; this record covers 6-K filings from July 7, 2026 through October 7, 2026. Events earlier in 2026 are reflected through the second quarter results themselves. ## Filings that contain financial statements - **Form 6-K filed July 30, 2026, accession 0001628280-26-050763.** Unaudited Condensed Interim Financial Report for the three and six month periods ended June 30, 2026 (Exhibit 99.2). It holds the consolidated statements of income, comprehensive income, financial position, cash flows and changes in equity, the notes, segment results and the non-GAAP reconciliations. Exhibit 99.1 is a one-paragraph regulatory release announcing the report. - **Form 6-K filed July 7, 2026, accession 0001171843-26-004510** (second quarter 2026 update note) and **Form 6-K filed October 7, 2026, accession 0001171843-26-006483** (third quarter 2026 update note) carry outlook tables and non-GAAP reconciliation tables only, not financial statements. ## Second quarter 2026 results (July 30, 2026, accession 0001628280-26-050763) - Income attributable to Shell plc shareholders was $10,821 million for Q2 2026, against $5,694 million in Q1 2026 and $3,601 million in Q2 2025. Adjusted Earnings were $9,836 million (Q1 2026: $6,915 million; Q2 2025: $4,264 million). Adjusted EBITDA was $20,710 million. - Cash flow from operating activities was $21,432 million and free cash flow $17,524 million. Net debt fell to $41,754 million from $52,606 million at the end of Q1 2026; gearing was 18.7% (Q1 2026: 23.2%). Cash capital expenditure was $4,237 million. - Oil and gas production available for sale was 2,455 thousand boe/d, down from 2,752 thousand boe/d in Q1 2026 and 2,682 thousand boe/d in Q2 2025. Shell attributes the decline mainly to the effect of the Middle East conflict on Qatari volumes (Integrated Gas production fell 31% from Q1 2026 to 631 thousand boe/d). - Identified items were a net gain of $0.4 billion in the quarter, against a net loss of $2.4 billion in Q1 2026. - Basic earnings per share were $1.94; Adjusted Earnings per share were $1.76. - Shell guided full-year 2026 cash capital expenditure to $24-$26 billion (2025: $21 billion). ## Dividend and share buybacks - **Interim dividend (July 30, 2026, accession 0001171843-26-005059, Exhibit 99.1).** Q2 2026 dividend of $0.3906 per ordinary share, equal to $0.7812 per ADS (each ADS represents two ordinary shares). Ex-dividend date for ordinary shares August 13, 2026 and for ADSs August 14, 2026; record date August 14, 2026; payment date September 21, 2026. The Q2 2025 dividend was $0.3580 per share. - **New buyback programme (July 30, 2026, accession 0001171843-26-005059, Exhibit 99.2).** Shell announced a programme running to October 23, 2026 comprising $3.000 billion of new buybacks plus $1.232 billion of buybacks that were not undertaken under the earlier programme. The earlier programme (announced May 7, 2026) was suspended from June 12, 2026 through July 14, 2026 in connection with the ARC Resources transaction and completed, apart from the suspended amount, on July 24, 2026. Under the earlier programme $1.8 billion of the $3.0 billion was completed by the time it ended on July 24, 2026. The maximum number of shares that may be bought under the new programme is 565,550,000. - **Routine buyback notices (accessions 0001171843-26-005152, 0001171843-26-005834, 0001171843-26-006351).** Shell filed daily "Transaction in Own Shares" notices through September 30, 2026. Summing the notices, about 31.1 million ordinary shares were bought for cancellation under the new programme in August 2026 and about 30.8 million in September 2026, on the London and Amsterdam venues. - Director and officer share dealing notices (July 31, August 5, September 1 and September 28, 2026) report routine disposals and dividend-share acquisitions by executives; none is a material transaction. ## M&A and portfolio - **ARC Resources Ltd. acquisition: closed September 2, 2026 (Form 6-K, accession 0001171843-26-005865).** Shell reported that it "has completed" the arrangement agreement to acquire ARC Resources Ltd. after receipt of all required shareholder, court and regulatory approvals; the effective date was September 2, 2026. ARC shareholders receive CAD 8.20 in cash (about $5.92 at the September 2, 2026 closing rate) and 0.40247 Shell ordinary shares per ARC share. Shell put the equity value at about $13.9 billion (funded with $3.3 billion of cash and $10.6 billion of new Shell shares), with about $2.5 billion of net debt and leases assumed, for an enterprise value of about $16.5 billion. Shell said the deal adds about 370 thousand boe/d of production, is expected to produce double-digit returns, and is expected to be accretive to free cash flow per share from 2027 onwards. The accounting purchase price allocation had not yet been completed. - **Milestones before closing.** The agreement was signed in April 2026 (equity value then about $13.6 billion). ARC shareholders approved it on July 14, 2026 with about 99.54% of the votes cast (accession 0001628280-26-050763, Exhibit 99.2). On September 1, 2026 Shell applied to admit 228,003,843 new ordinary shares to trading on the London Stock Exchange as part of the consideration, with admission expected September 3, 2026 (accession 0001171843-26-005830). - **Disposals announced or completed.** Shell completed the sale of Jiffy Lube International to Monomoy Capital Partners for $1.3 billion on June 30, 2026 (closed). It agreed in June 2026 to sell its 50% non-operated interest in the Na Kika platform and the Coulomb tieback in the Gulf of America for $1.7 billion, expected to close by the end of 2026 (signed, not closed). In July 2026 it agreed to sell Solenergi Power Private Limited, including Sprng Energy, to Aditya Birla Renewables Limited for $1.8 billion, expected to complete by the end of 2026 (signed, not closed). All three are from accession 0001628280-26-050763, Exhibit 99.2. ## Debt - **Exchange offers for Shell Finance US notes (July 9, 2026, accession 0001193125-26-299287, Exhibit 99.1).** Shell announced final results of offers to exchange unregistered notes issued by Shell Finance US Inc. and guaranteed by Shell plc for registered notes with the same terms. $6,298,101,000 of principal was tendered and accepted across six series (3.875% due 2028, 6.375% due 2038, 5.500% due 2040, 5.125% due 2041, 3.125% due 2049 and 3.000% due 2051). Settlement was expected July 13, 2026. This swaps notes for registered notes of the same principal; it does not add debt. ## Outlook updates - **July 7, 2026 (accession 0001171843-26-004510).** Ahead of the Q2 results, Shell raised the ranges for Q2 2026 production: Integrated Gas to 610-650 thousand boe/d (from 580-640) and Upstream to 1,750-1,850 thousand boe/d (from 1,620-1,820). It noted working capital inflows of $1 billion to $6 billion for the quarter after an $11.2 billion outflow in Q1 2026, and an indicative refining margin of about $20/bbl. - **October 7, 2026 (accession 0001171843-26-006483).** Third quarter update note ahead of results due October 29, 2026. Integrated Gas production is guided to 740-780 thousand boe/d (the earlier range was 570-630) and the note says the outlook includes ARC, which completed on September 2, 2026. Upstream production is guided to 1,735-1,835 thousand boe/d, Marketing sales volumes to 2,550-2,650 thousand b/d, and refinery utilisation to 93%-97% (Low Rhine water levels are cited for the Rheinland refinery). The indicative refining margin for Q3 is $42/bbl (Q2: $24/bbl) and the indicative chemicals margin $208/tonne (Q2: $270/tonne). Cash flow from operating activities is expected to include a roughly $2.5 billion outflow for German emissions certificate payments. Net debt will be affected by the ARC cash consideration and assumed debt and by higher variable shipping lease costs. Shell expects Q3 exploration well write-offs of about $0.3 billion and non-cash post-tax impairments of biogas assets in Marketing that are largely offset by an impairment reversal in Integrated Gas, both reported as identified items. ## Board - **July 30, 2026 (accession 0001171843-26-005062).** Ann Godbehere stepped down as Chair and member of the Audit and Risk Committee effective August 1, 2026, after more than eight years on the committee, seven as Chair. Non-executive director Holly Keller Koeppel became Chair of the committee effective the same date.