Shell Q1 Adjusted Earnings Reach $6.92 Billion

Shell Plc reported a first-quarter profit surge to $6.92 billion in adjusted earnings, exceeding analyst expectations of around $6.2 billion, driven by elevated oil and gas prices amid the ongoing Middle East conflict involving Iran.

The London-based energy company disclosed the results on Thursday, marking a more than doubling from the prior quarter's $3.3 billion and a 24 percent increase from the year-earlier period. Higher Brent crude prices, which climbed over 50 percent since the conflict erupted in late February, reaching a four-year high of $126 per barrel before settling around $101, fueled gains in Shell's trading operations. The chemicals and products division, encompassing trading, posted earnings of $1.93 billion, up sharply from $449 million a year ago. Refining margins also improved to $17 per barrel from $14, amid market dislocations from supply disruptions.

Despite these boosts, total oil and gas production dipped 4 percent from the previous quarter to 2,752 thousand barrels of oil equivalent per day. The decline stemmed primarily from damage to Shell's Pearl gas-to-liquids facility in Qatar and impacts on liquefied natural gas operations there, hit during...