Shell reports bumper earnings of $6.92B for first quarter

Shell reported a first-quarter profit of $6.92 billion on May 7, marking a $1.34 billion increase from the same period in 2025. The surge was fueled by Brent crude prices exceeding $100 per barrel, up from $73 before the closure of the Strait of Hormuz following U.S. and Israeli strikes on Iran. Shell attributed its highest three-year profit to strong oil trading results and refinery operations converting crude into fuel products. The company’s performance outpaced market expectations, with CEO Wael Sawan emphasizing operational excellence amid global energy market disruptions. Shell highlighted safety as a priority while addressing supply chain challenges linked to attacks on Persian Gulf facilities and the 20% oil transit bottleneck through the Strait of Hormuz. Shell’s earnings followed BP’s 140% profit jump to $3.2 billion and Norway’s Equinor reporting its strongest quarter in three years at $9.77 billion. In contrast, U.S. oil majors Exxon and Chevron saw profits fall 45% and 36% respectively, citing delayed deliveries and supply constraints. Exxon’s profit nearly halved to $4.2 billion, while Chevron’s dropped to $2.2 billion, though both noted they would benefit from higher prices in future quarters. Exxon and Chevron attributed their underperformance to timing issues in booking high oil prices, with adjusted profits of $8.8 billion and $5.2 billion respectively. Despite the declines, both companies exceeded Wall Street forecasts, signaling potential recovery as supply disruptions ease.