Shell Posts Record Profit on Soaring Oil and Gas Prices
- High volatility in commodities markets boosts trading earnings
- Company takes $3.9 billion charge on planned Russia exit
Shell’s first-quarter adjusted net income was $9.13 billion.
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Shell Plc posted its highest quarterly earnings on record, as the company was buoyed by high oil and gas prices despite taking a $3.9 billion accounting charge on its planned exit from Russia.
The last of the supermajors to report first-quarter results, Shell followed the overall pattern set by its peers. The London-based company surpassed even the highest analyst estimate as extreme volatility in the energy markets helped its trading division to boost earnings.