Shell reports $9.84 billion quarterly profit, more than double last year, as Iran war boosts oil and gas prices

Shell's quarterly profit reached $9.84 billion, more than double the earnings from the same period last year, as the ongoing Iran war has significantly boosted oil and gas prices. This result, reported for the April to June period, surpassed analyst expectations of $8.79 billion.¹

The company noted that cash flow from operations was $21.4 billion, supported by higher realized prices. Additionally, net debt decreased to $41.75 billion, down from $52.6 billion at the end of the first quarter. The capital expenditure outlook for 2026 remains unchanged at a range of $24 billion to $26 billion.⁶

The surge in profits is attributed to the severe disruption in global energy markets following the US-Israeli attacks on Iran, which resulted in a 30% drop in Shell's gas production compared to the previous year. The company's liquefied natural gas business saw earnings grow to $2.7 billion, a 55% increase from last year, while its chemicals and products division reported earnings of $2.3 billion, up sharply from $118 million a year ago.⁵

The global oil price has risen from about $61 a barrel in January to highs of $126 at the end of April, with Brent crude trading at just over $90 a barrel on Thursday. Maurizio Carulli, a global energy analyst at Quilter Cheviot, stated that Shell's "very strong" second-quarter results reinforce its position as one of the sector's strongest operators.⁴

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