What were Shell's Q2 2026 adjusted chemical earnings, and how do they compare to Q1 2026 and the prior-year quarter?

Shell reported adjusted chemical earnings of $354 million for Q2 2026, reversing from an adjusted loss of $117 million in Q1 2026 and an adjusted loss of $192 million in Q2 2025. This marks its most profitable chemicals quarter since Q3 2021.

What drove Shell's return to chemical profitability in Q2 2026, and by how much did global indicative chemical margins increase sequentially?

The return to profitability was driven by a near-doubling of Shell’s global indicative chemical margin to $270/metric ton in Q2 2026, up from $139/mt in Q1 2026 — an increase of $131/mt — which directly boosted adjusted chemical earnings by $454 million quarter on quarter.

Shell Returns to Chemical Profit After 2-Year Hiatus on Q2 Margins Surge

Jul 30, 2026

Shell PLC’s chemicals business returned to profit in Q2 with $354 million earnings, reversing seven consecutive quarterly losses as global margins nearly doubled to $270 per metric ton. Sales volumes rose slightly despite lower plant utilization rates.

chemweek

Shell returns to chemicals profit after 2-year hiatus on Q2 margins surge

chemweek

Shell Returns to Chemical Profit After 2-Year Hiatus on Q2 Margins Surge

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