Oil giant Shell has reported a staggering quarterly profit of nearly £5.1 billion for the first three months of the year, capitalising on the turmoil caused by the Iran war. The company's earnings have surged by £1 billion compared to the same period last year, as wholesale oil and gas prices skyrocketed.
Unprecedented Market Disruption
Shell's chief executive, Wael Sawan, attributed the strong performance to what he described as "unprecedented disruption in global energy markets." The company's profit more than doubled from the £2.4 billion recorded in the final quarter of 2025 and rose from £4.1 billion a year earlier.
While Shell and other energy giants enjoy a financial bonanza, ordinary households are grappling with soaring petrol prices and the threat of higher energy and food bills. This has driven up inflation and dealt a blow to the broader economy.
Share Performance and Executive Pay
Shell's share price has declined since the end of March but remains above pre-conflict levels, prior to the Middle East crisis erupting in late February. The Mirror recently revealed that Sawan's shareholding in Shell increased by £1.7 million to nearly £13.2 million between the start of the war and early April. He also received nearly 300,000 additional Shell shares in early March from a previous reward scheme, now worth an extra £10 million, though they cannot be accessed for three years.
Industry-Wide Trend
Shell's results follow similar announcements from other energy majors. Equinor, Britain's largest gas supplier, disclosed profits of just under £7 billion for the first quarter. Rival BP reported last week that its profits more than doubled to almost £2.4 billion over the same period, driven by the surge in wholesale oil costs.
Greenpeace Protest
Environmental campaign group Greenpeace projected images onto Shell's London headquarters and a nearby petrol station ahead of the results, beaming the message "They profit, we pay." The group has been vocal in criticising energy companies for profiteering amid the crisis.
Shell also announced a double boost for investors: a 5% increase in its dividend and plans to buy back £2.2 billion worth of its own shares over the next three months. Sawan commented, "Shell delivered strong results enabled by our relentless focus on operational performance in a quarter marked by unprecedented disruption in global energy markets."
