What were Shell's Q2 2026 adjusted earnings for the chemicals segment, and how did they compare to Q2 2025?

Shell's chemicals segment recorded adjusted earnings of $354 million in Q2 2026, a sharp improvement from a $192 million loss in Q2 2025. This marked the strongest adjusted earnings for the chemicals business since Q3 2021.

How did global indicative chemical and refining margins change year on year in Q2 2026, and what did Shell say about realized margins versus indicators?

The global indicative chemical margin rose 63% year on year to $270/tonne from $166/tonne, while the indicative refining margin nearly tripled to $24/barrel from $8.90/barrel. Shell noted that Q2 2026 realized margins were below these calculated indicators due to market dislocations.

Shell Q2 chemicals earnings turn positive on stronger margins

Jul 30, 2026

Shell's chemicals segment posted $354 million adjusted earnings in Q2 2026, reversing a prior-year loss as global indicative margins surged 63% to $270 per tonne. Volumes rose 5% and utilization hit 83%, marking the strongest performance since Q3 2021.

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