Shell on Thursday announced better-than-expected first-quarter earnings, driven by soaring energy prices amid the ongoing conflict involving Iran and disruptions across global energy markets.
The British oil major posted adjusted earnings of $6.92 billion for the first quarter, exceeding analysts’ expectations of $6.1 billion based on an LSEG consensus forecast. The figure also surpassed the company’s internal analyst projection of $6.36 billion.
The latest earnings represent a significant rise from the $5.58 billion recorded in the same period last year and more than double the $3.26 billion reported in the final quarter of 2025.
Reacting to the performance, Shell Chief Executive Officer, Wael Sawan, said the company remained resilient despite intense volatility in the global energy sector.
According to him, Shell achieved strong operational results in a quarter characterised by major disruptions in energy markets worldwide.
Despite the improved earnings, the company reduced its quarterly share buyback programme to $3 billion from the previous $3.5 billion.
Shell, however, raised its dividend by 5% to $0.3906 per share, reflecting confidence in its financial strength amid continued geopolitical uncertainty.
The company’s earnings come as major energy firms continue to benefit from rising oil and gas prices following the outbreak of the U.S.- and Israeli-led war against Iran on February 28.
The conflict has caused sustained disruption along the strategically important Strait of Hormuz, a vital channel for global oil and gas shipments.
The International Energy Agency has described the crisis as “the biggest energy security threat in history,” warning that prolonged instability could severely impact global energy supply and prices.
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