Shell just turned a geopolitical shock into a windfall. The London-based energy giant said Thursday its adjusted profit jumped 24% to $6.92 billion in the first quarter, more than double the prior quarter and above forecasts, as oil prices climbed amid the US-Israel war with Iran. Brent crude has risen about 37% since late February, hovering just under $100 a barrel after briefly topping $126, reports the New York Times. Shell CEO Wael Sawan called the windfall the result of a "relentless focus on operational performance in a quarter marked by unprecedented disruption in global energy markets," one that's pushed up costs for diesel and jet fuel and led airlines to trim flights and perks as travelers rethink summer plans. Shell is also delivering a 5% dividend return, notes the Guardian.
Shell hasn't escaped the war unscathed, notes the Guardian: Its plant in Qatar was hit by a drone, resulting in a 4% overall decrease in output that put a dent in those profits. But Shell isn't alone in seeing a profit spike: BP more than doubled first-quarter profit from the prior quarter to $3.2 billion, while TotalEnergies reported $5.4 billion in net income and moved to boost dividends and stock buybacks. The gains are reviving pressure for fresh windfall taxes on oil giants, echoing moves after Russia's 2022 invasion of Ukraine. In contrast, major US companies Exxon Mobil and Chevron reported sharply lower earnings on paper losses and said they don't plan to ramp up drilling, even as the International Energy Agency warns the market should prepare for continued turbulence.
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