Shell reported quarterly earnings of $9.8 billion for the three-month period ending in June, representing more than double the profit from the same quarter the previous year. The result marks the company’s second-highest quarterly earnings on record, exceeded only by the period following Russia’s invasion of Ukraine. The substantial increase was fueled by elevated global oil and gas prices resulting from geopolitical tensions in the Middle East and associated disruptions to energy markets.
Chief Executive Wael Sawan announced plans to meet with Britain’s new Prime Minister Andy Burnham, signaling Shell’s intent to advocate for continued North Sea development. In remarks to media, Sawan emphasized the importance of supporting North Sea projects while advancing renewable energy investments and providing assistance to vulnerable populations during the current energy crisis. Shell’s liquified natural gas operations generated $2.7 billion in earnings, a 55 percent increase compared to the prior year, while the company’s chemicals and products division—which includes its oil trading operations—reported $2.3 billion in earnings, up substantially from $118 million a year earlier.
Despite a 30 percent decline in gas production due to damage to its Qatar facility from Iranian drones, Shell offset losses through higher market prices and trading gains. Global crude prices climbed from approximately $61 per barrel in January to highs exceeding $126 in late April before settling around $90 per barrel by late July. Environmental advocacy groups criticized the results, with representatives calling the profits obscene and urging the government to implement windfall taxes on major oil companies to support households and fund clean energy transitions. Competitor BP, meanwhile, reportedly cautioned staff about potential future oversupply conditions that could pressure prices downward.
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