Shell posts strongest quarterly profit since 2022 as Middle East tensions lift oil prices, beating analyst expectations significantly.
British energy giant Shell has reported a stronger-than-expected second-quarter profit, buoyed by soaring oil and gas prices triggered by escalating conflict in the Middle East, while maintaining its shareholder returns through another $3 billion share buyback programme.
The company on Thursday posted adjusted earnings of $9.84 billion for the April-to-June period, surpassing analysts’ expectations of between $8.79 billion and $8.92 billion. The result represents a sharp increase from the $6.92 billion recorded in the first quarter of 2026 and more than doubles the $4.26 billion reported during the same period last year.
The earnings mark Shell’s strongest quarterly performance since the second quarter of 2022, when profits climbed to $11.47 billion following the surge in energy prices after Russia’s full-scale invasion of Ukraine.
Speaking to CNBC, Shell Chief Executive Officer Wael Sawan attributed the strong performance partly to elevated commodity prices but said the company’s operational strength and trading capabilities had also played a significant role.
“Volatility is the new normal,” Sawan said.
“What we have been trying to build is a company that is able to thrive through volatility. So, you’re absolutely right, of course, the macro is such that the commodity prices are high and that provides a very strong tailwind for our results.
