Campaigners took aim at the group over its profits at a time when households and businesses are suffering from painful price rises.
Campaigners took aim at the group over its profits at a time when households and businesses are suffering from painful price rises. Shell has become the latest oil giant to face criticism over mammoth profits after it revealed a bumper earnings haul thanks to rocketing oil prices caused by the Iran war.
The FTSE 100 firm reported underlying earnings of 6.92 billion US dollars , more than double the result in the previous three months and 24% higher on a year ago. Campaigners took aim at the group over its “outrageous” profits at a time when households and businesses are suffering from painful price rises at the fuel pumps and facing soaring costs across the board caused by the war.
Shell said the higher cost of crude had boosted its oil trading business, with the wider chemicals and products division seeing underlying earnings more than quadruple to 1.93 billion dollars from 449 million dollars a year earlier. But shares in the firm fell 2% as it pared back returns for shareholders, with quarterly share buy backs cut to three billion dollars from 3.5 billion dollars , though it unveiled a 5% increase in its dividend payout.
Rival BP also came under attack last week after it reported far better than expected results, with first quarter profits more than doubling to 3.2 billion US dollars as its traders were able to capitalise on highly volatile oil prices. Simon Francis, coordinator of the End Fuel Poverty Coalition, said: “Shell’s outrageous results prove what every household knows: that the Middle East conflict is driving profits for energy firms while families across Britain dread the next bill landing on their doormat.
“But while the profits of North Sea oil and gas giants soar and the cost of living keeps rising, these same companies are actively lobbying against windfall taxes and calling for tax cuts. ” Brent crude oil, jet fuel and gas prices have all surged after production was hit by attacks in the region, and the important Strait of Hormuz shipping corridor remains heavily disrupted.
The price of crude reached 126 dollars a barrel last week, the highest level in four years, before falling back amid hopes of a peace deal, but still remains close to 100 dollars a barrel. Danny Gross, climate campaigner at Friends of the Earth, added: “The answer is clear – strengthen the windfall tax on these indefensible profits and break our dependence on fossil fuels by powering our economy with homegrown renewables.
” Shell’s chief financial officer, Sinead Gorman, said: “We fully understand how energy prices affect people and businesses.
“We’re doing our best to offset some of the impacts around the world. ” She added the group itself was also not immune to the impact of the war, with a 10% hit to its global oil volumes due to disruption in Qatar. Its Pearl GTL site in Qatar stopped production in March after being struck during attacks, while LNG facilities in the country partly owned by Shell have also been impacted.
Shell said on Thursday it would take around a year to repair the damaged part of the Pearl facility in Qatar. Its oil and gas production fell 4% quarter-on-quarter in the first three months of 2026, largely due to the impact of the Middle East conflict, and it expects second-quarter production to drop as a result of the effective closure of the Strait of Hormuz, as well as planned maintenance across the portfolio.
Shell chief executive Wael Sawan said: “Shell delivered strong results enabled by our relentless focus on operational performance in a quarter marked by unprecedented disruption in global energy markets. ” The group also recently agreed a 16.4 billion dollar deal to buy Canadian energy firm ARC Resources, which Mr Sawan said will “deliver value for decades to come”.
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It is believed to have been brought aboard by birdwatchers who visited a landfill siteSainsbury’s worker sacked for tackling Champagne thief hours after he performed CPR on security guardCook your own meals, doctors warn heart patients as sufferers told to avoid ultra-processed food Studies have highlighted how the consumption of UPFs is “associated with increased cardiovascular risk, often independent of overall diet quality”The Multibank distributes surplus goods donated by businesses to families in need through a nationwide network of charities and community organisations.
Brit police officer seriously ill with rat virus pictured as two more self-isolate in UK after potential exposure Martin Anstee, 56, was removed from the stricken MV Hondius ship on Wednesday as one of three suspected hantavirus patients taken off the vessel. Health authorities around the world track deadly rat-borne virus after cruise ship outbreak - as two Brits self-isolate The MV Hondius ship has been at the centre of a health scare since Saturday following the outbreak of a rare disease spread by rodents.
It is believed to have been brought aboard by birdwatchers who visited a landfill siteBrit police officer seriously ill with rat virus pictured as two more self-isolate in UK after potential exposure Martin Anstee, 56, was removed from the stricken MV Hondius ship on Wednesday as one of three suspected hantavirus patients taken off the vessel. Hantavirus cruise ship - key events from the MV Hondius outbreak so far How many people have died on the Hantavirus cruise ship MV Hondius?
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