Shell announced quarterly earnings of $9.8bn for the three months ending in June, representing more than a doubling of profits compared to the same period last year. The surge was driven by elevated global energy prices resulting from market disruptions linked to Middle Eastern developments, making it the company’s second-strongest quarterly performance on record, trailing only earnings posted in the period immediately following Russia’s invasion of Ukraine.
The energy giant’s liquified natural gas division generated $2.7bn in earnings, up 55% year-over-year, while its chemicals and products business, which houses the company’s oil trading operations, reported $2.3bn in earnings compared to $118m the previous year. Despite a 30% decline in gas production at its Qatar facility due to infrastructure damage, Shell offset losses through higher global market prices and trading gains. Oil prices climbed from approximately $61 per barrel in January to peaks near $126 in late April before settling around $90 at the time of reporting.
Shell’s chief executive indicated the company would seek to discuss North Sea development projects with Britain’s newly appointed prime minister, Andy Burnham. The executive emphasized the company’s commitment to supporting renewable energy investments and providing targeted assistance during challenging economic circumstances.
Environmental organizations responded critically to the earnings announcement, characterizing Shell’s profits as inconsistent with global climate priorities. Campaign groups called for government implementation of windfall taxes on major oil companies, with revenues directed toward household cost-of-living support, climate resilience infrastructure, and clean energy transition initiatives. Meanwhile, rival BP reportedly cautioned employees about potential oil and gas oversupply that could pressure prices downward in coming periods.
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