By Ayomide Otitoju
British energy giant Shell has reported a sharp rise in second-quarter earnings, with net profit tripling to $10.8 billion as higher oil prices driven by conflict in the Middle East boosted revenue.
In its earnings statement released on Thursday, the company said profit after tax for the April–June 2026 period increased from $3.6 billion recorded in the corresponding quarter of 2025.
Shell Chief Executive Officer Wael Sawan attributed the strong performance to the company’s operational resilience despite continued volatility in global energy markets.
“Our operational performance enabled very strong results during another quarter of severe disruption in global energy markets,” Sawan said.
The company also reported a 45 per cent increase in revenue to $96.4 billion during the quarter, supported by stronger crude oil prices following supply disruptions linked to the US-Iran conflict.
However, Shell noted that higher realised prices were partly offset by lower production volumes caused by the impact of the Middle East crisis.
Gas production declined to 631,000 barrels of oil equivalent per day during the quarter, down from 909,000 barrels per day in the first quarter of 2026.
The company said output was affected by significant damage to Ras Laffan, the world’s largest liquefied natural gas hub in northern Qatar, during the conflict.
Shell also announced a $3 billion share buyback programme, saying the move would return additional value to shareholders.
