Shell – Between an Oil Price Rally and a Billion-Dollar Risk
The extreme fluctuations in commodity prices in the first quarter of 2026 are leaving deep marks on Shell’s balance sheet. Management warns of a negative working capital impact of USD 10–15 billion, a direct consequence of skyrocketing inventory values. In addition, long-term ship leases are inflating reported net debt to as much as USD 4 billion, even though no cash is flowing out. Op…
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