8 May 2026 8:57 am
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Shell reported a massive profit surge for the first quarter of 2026, with adjusted earnings reaching $6.92 billion, more than doubling from the previous quarter. This jump in profitability is driven by soaring oil and gas prices caused by the U.S.-Iran war. The company's strong performance, fueled by market volatility, has prompted calls for a windfall tax on these profits.
Key Details on Shell's Performance (Q1 2026)
- Profit Total: Nearly $7 billion ($6.92bn) in the first three months of 2026.
- Comparison: Profits more than doubled compared to the previous quarter and were 24% higher than the same period a year earlier.
- Driver: The ongoing Iran war has pushed oil prices higher, with Brent crude frequently hovering near $100 a barrel.
- Market Impact: The conflict has impacted regional supply, with some of Shell's Qatari volumes affected, but this was offset by higher overall prices.
- Shareholder Returns: Shell is raising its dividend by 5% and continuing share buybacks, with plans to distribute over 30% of cash flow to shareholders in the second half of the year.