Shell discloses record profits as Ukraine war rattles energy markets

Energy giant Shell has reported its highest ever quarterly profits as oil and gas prices surge around the world.

Shell reported its highest ever quarterly profits on Thursday, May 5.

Adjusted earnings at Europe’s largest oil company stand at $9.1bn in the first three months of the year, which is almost triple the $3.2bn it recorded a year earlier.

Shell’s shares jumped more than three per cent in early trading on Thursday.

Shell´s Chief Executive Officer, Ben van Beurden, said: “The war in Ukraine is first and foremost a human tragedy, but it has also caused significant disruption to global energy markets and has shown that secure, reliable and affordable energy simply cannot be taken for granted.

“The impacts of this uncertainty and the higher cost that comes with it are being felt far and wide.

“We have been engaging with governments, our customers and suppliers to work through the challenging implications and provide support and solutions where we can.

“Generating value through strong earnings and cash flow, coupled with maintaining a healthy balance sheet and continuing the disciplined delivery of our strategy, are crucial for Shell to play a leading role in the energy transition.

“This allows us to support our customers as they shift to cleaner energy.

“It’s also the best way for us to contribute to the security of energy supplies,” Ben van Beurden added.

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