HG Energy Rel Val Snapshot: HG Energy 2026 Mid-Year Outlook Webinar; Shell 2Q Trading Statement

Research evidence excerpt

HG Energy Rel Val Snapshot: HG Energy 2026 Mid-Year Outlook Webinar; Shell 2Q Trading Statement

J P M O R G A N North America Credit Research

08 July 2026

HG Energy Rel Val Snapshot

HG Energy 2026 Mid-Year Outlook Webinar; Shell 2Q

Trading Statement

North America Corporate Credit -

Energy (IG)

Matthew Anavy, CFA AC

(1-212) 834-3568

matthew.a.anavy@jpmorgan.com

High Grade Energy 2026 Mid-Year Outlook Webinar: Please join us on Amanda Fischer

Thursday, July 9th, 2026 at 11:30am ET to participate in our HG Energy 2026 (1-212) 834-2641

amanda.fischer@jpmchase.com

Mid-Year Outlook Webinar. We will be joined by our partners in trading and J.P. Morgan Securities LLC

syndicate who will provide additional insights, followed by a Q&A session at the

end of the webinar. Please use the following link to register: Register Here

RDSALN 2Q26 Trading Statement Update - Positive Implications: Overall,

the update supports a constructive read-through for Q2, with stronger Integrated

Gas and LNG performance, resilient liquids trading, and a recovery in chemicals

pointing to potential upside versus JPM estimates. Working capital guidance

appears broadly in line, while the operational detail suggests the key earnings

variance is likely to be driven by better gas and downstream performance.

• Liquids trading appears to have held up well, consistent with a strong Q1

performance, while gas trading looks significantly stronger than the prior

quarter. Chemicals is also expected to be positive for the quarter, marking the

first positive contribution in several quarters. Working capital inflow of $1bn–

$6bn is broadly consistent with JPM equity estimate of $4bn. Overall, the

update points to upside risk versus JPM equity estimates for Q2 adjusted net

income of $7.2bn and CFFO of $14.6bn.