What was the change in Shell's global chemical reference gross margin per ton from Q1 to Q2 2026, and how did plant utilization rate shift during the same period?

Shell's global chemical reference gross margin per ton surged from $139 in Q1 2026 to $240 in Q2 2026, reflecting a significant expansion in profitability. However, the average utilization rate of Shell's chemical plants declined slightly to 80%–84% in Q2, down from 85% in Q1.

Has Shell's chemicals business been profitable recently, and what has management indicated about its future operational strategy?

No—Shell's chemicals business has recorded adjusted losses for seven consecutive quarters, including a $117 million loss in Q1 2026. In February 2026, CEO Wael Sawan acknowledged that the chemicals business had underperformed expectations and stated that Shell is evaluating the potential shutdown of certain production units on a demand-driven basis; management is reviewing individual unit cash costs and industry cycle trends to determine optimization measures, with no option ruled out.

Shell Reports Surge in Q2 Chemical Sector Margins

Jul 13, 2026

Shell's Q2 chemical reference margin rose to $240/ton from $139, though operating rates fell to 80%-84%. Management assesses potential unit closures after seven quarters of losses before releasing full Q2 earnings on July 30.

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