-- Shell's (SHEL) total production in upstream segment available for sale in Q1 slipped to 1.84 million barrels of oil equivalent per day, down from 1.86 mmboe/d in Q1, 2025, it said in an earnings statement on Thursday.
Natural gas production available for sale in Q1 was 2.88 billion standard cubic feet per day, down from 3.02 billion.
Liquids production available for sale rose to 1.35 million barrels per day in the quarter, up from 1.34 mmbbl/d in the same quarter a year prior.
Natural gas production available for sale in Q1 fell to 4.61 million standard cubic feet per day in the integrated gas segment, down from 4.64 mmscf/d a year earlier and falling from 4,760 in Q4 2025.
Gas liquefaction volumes rose to 7.86 million metric tons in Q1, up from 6.60 million in the same quarter of 2025. LNG sales rose strongly year over year, to 19.16 million metric tons, up from 16.49 million.
The company said that oil and gas production fell 4% compared with Q4 2025, due to the impact of the Middle East conflict on volumes it produced in Qatar.
The 1% increase it achieved in LNG liquefaction volumes was mainly due to a rampup at LNG Canada, partly offset by bad weather in Australia.
Refinery utilization was 99%, up from 95% in Q4, 2025, an increase that reflected lower maintenance activity in Q1.
Chemicals manufacturing plant capacity usage was 85%, up from 76% in Q4, also reflecting less intense planned and unplanned maintenance work.
The company expects integrated gas production of 580,000 to 640,000 barrels of oil equivalent in Q2 while LNG liquefaction volumes are seen in a range of 6.8 million to 7.4 million tonnes, with a more intense maintenance schedule expected in Q2.
Upstream production is seen in the range of 1.62 million to 1.82 million barrels of oil equivalent. Refinery capacity utilization is forecast in a range between 91% and 99%, Shell said.
Chemicals manufacturing plant capacity usage is expected to be between 76% and 84%.