Shell Reports Nearly $7 Billion Profit After Oil Prices Surged Amid U.S.-Iran War
The New York Times • • general
Key Points:
- Shell reported a 24% increase in adjusted profit to $6.92 billion for the first quarter, surpassing analyst expectations and more than doubling its previous quarter earnings.
- The profit surge was driven by higher oil prices following the U.S.-Israel war with Iran, despite a 4% decline in total oil and gas production due to disruptions in Qatar.
- Shell’s CEO Wael Sawan highlighted the company’s ability to create value amid unprecedented global energy market disruptions caused by missile strikes on QatarEnergy’s export capacity.
- Brent crude oil prices rose about 37% since the conflict began on February 28, briefly exceeding $126 a barrel last week and remaining near $100 per barrel at the time of reporting.
