Shell reported a 24% rise in underlying earnings to $6.92 billion (£5.09 billion) for the first three months of 2026, significantly exceeding analyst expectations. The substantial increase in profits was primarily attributed to rocketing oil prices, driven by the Iran war, which particularly boosted its oil trading business and saw earnings in the chemicals and products division more than quadruple.
Shareholder Returns Enhanced
The oil giant announced further returns for shareholders, including an additional $3 billion (£2.2 billion) in share buybacks for the next three months and a 5 per cent increase in its dividend payout. Shell, alongside rival BP, faced criticism from policy groups and campaigners for profiting from the conflict, which is expected to lead to significant increases in energy, food and transport bills for UK households.
Continued Benefits from High Energy Prices
Despite disruptions to its facilities in Qatar, Shell is expected to continue benefiting from the higher energy price environment and recently agreed to acquire Canadian energy firm ARC Resources for $16.4 billion (£12.1 billion).
