Energy giant Shell has amassed nearly triple in profits at $9 Billion, its highest
ever quarterly gain owing to the oil prices surge globally.
The $9.13bn (£7.3bn) made in the first quarter of 2022, nearly triple its $3.2bn profit recorded last year.
According to the firm, the massive profit was recorded despite its having to cough out a whopping $3.9bn (£3.1bn) due to its decision to pull out of Russian oil and gas owing to the Ukraine conflict.
While Russia is one of the world’s major exporters, Western nations have pledged to cut their dependence on the country for energy, the invasion of Ukraine in turn has helped oil and gas prices skyrocket.
Shell chief executive Ben van Beurden said the war in Ukraine had caused “significant disruption to global energy markets”.
“The impacts of this uncertainty and the higher cost that comes with it are being felt far and wide.
“We have been engaging with governments, our customers and suppliers to work through the challenging implications and provide support and solutions where we can.”
Shell rivals, including BP and TotalEnergies have also reported a sharp rise in underlying profits, reports say.
Shell plans to invest $25bn over the next decade, with 75% in green technologies, and the rest in oil and gas projects, including in the North Sea.
- Tags: business, Oil and gas, Oil prices, Shell, Ukraine War
