Q1 2026 Shell PLC Earnings Call Transcript
Welcome to Shell's first-quarter 2026 results presentation. I'm pleased that amid heightened volatility this quarter, we delivered strong results through our relentless focus on operational performance and the strength of our integrated global portfolio. Yet again, our staff rose to the challenge and were able to deliver this safely and effectively, navigating another quarter of uncertainty.
Let me first take you through our Q1 results before I come back to the impact of the Middle East conflict in more detail. We delivered a strong set of results, with adjusted earnings for the quarter of just under $7 billion. We generated over $17 billion of cash flow from operations excluding working capital. Our working capital outflow for the quarter was some $11 billion, reflecting the impact of higher commodity prices on inventory and receivables. We would expect a significant amount of this outflow to reverse over time. Now turning to our businesses in more detail. In Upstream, we delivered strong operational performance across the board.
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