What was the change in Shell's global indicative chemical margin from Q1 to Q2 2026, and what was its Q2 plant utilization rate?

Shell's global indicative chemical margin widened to $240/metric ton in Q2 2026 from $139/mt in Q1 2026. Its average chemical plant utilization rate in Q2 fell to between 80% and 84%, down slightly from 85% in Q1.

What did Shell disclose about its chemicals business performance and strategic direction as of early 2026?

Shell posted adjusted losses for its chemicals business for seven consecutive quarters, including an adjusted loss of $117 million in Q1 2026, and provided no analysis or earnings guidance for the chemicals segment in its Q2 trading outlook. In February 2026, CEO Wael Sawan stated the chemicals business was 'not where it needs to be' and that Shell was evaluating 'unit by unit shutdowns where required,' assessing cash costs and making cycle-dependent decisions, with 'nothing off the table.'

Shell flags Q2 surge in global chemical margin

Jul 7, 2026

Shell reported a surge in its global chemical margin to $240 per metric ton in Q2 2026, despite falling plant utilization. Gas output also dropped 30% due to Middle East conflicts, though LNG profits helped offset the shortfall.

chemweek

Shell flags Q2 surge in global chemical margin

chemweek

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