- Shell reported quarterly profits of £5 billion ($6.92 billion), beating forecasts.
- Rising oil prices during the Iran war boosted trading gains for energy majors.
- Climate groups accused fossil fuel companies of profiting from global instability.
Shell has come under fresh criticism from environmental groups after the energy giant posted stronger-than-expected quarterly profits, helped by soaring oil prices during the Iran war and disruption across global energy markets.
The British oil major reported adjusted earnings of £5 billion ($6.92 billion) for the first quarter, surpassing analyst expectations and marking a sharp rise from the £2.4 billion ($3.26 billion) recorded in the previous quarter.
The profit surge was largely driven by volatility in global oil and gas markets after the conflict involving Iran disrupted flows through the Strait of Hormuz, a key route for international energy supplies. Brent crude prices climbed from roughly £48 ($61) a barrel in January to highs of nearly £94 ($119) by the end of March, lifting trading margins for major energy companies.
Shell chief executive Wael Sawan reportedly said the company delivered strong results through its “relentless focus on operational performance” during a period of unprecedented market disruption.
Calls grow for tougher windfall taxes
But the scale of the profits quickly triggered backlash from environmental groups and anti-poverty campaigners, who argued oil companies were benefiting while consumers continued to face higher fuel and energy costs.
Friends of the Earth campaigner Danny Gross reportedly said fossil fuel giants were “pocketing monstrous profits” while households were being squeezed by rising bills and petrol prices.
Meanwhile, 350.org executive director Anne Jellema reportedly said governments should strengthen windfall taxes on excess profits and use the money to support vulnerable households and expand renewable energy.
The results were also significantly higher than the £4 billion ($5.58 billion) Shell earned during the same period last year. Rival BP recently reported a similar rise in profits, crediting “exceptional oil trading” during the same period of market turbulence.
Despite the earnings jump, Shell said its oil and gas production fell 4 per cent from the previous quarter after an attack damaged one of the processing units at its Pearl gas facility in Qatar in March. The company expects repairs to take about a year.
Shell also reduced the pace of its share buyback programme to £2.2 billion ($3 billion), down from £2.6 billion ($3.5 billion), while raising its dividend by 5 per cent.
Its net debt rose to £38 billion ($52.6 billion) at the end of the quarter, compared with £33 billion ($45.7 billion) at the end of 2025.
