Shell makes record profits for first three months of year
Oil and gas major Shell has reported its highest ever quarterly profits as prices surged globally.
Shell made $9.13 billion (€8.6 billion) in the first three months of 2022, nearly triple its $3.2 billion (€3 billion) profit it announced for the same period last year.
However, the company also revealed that said exiting from the Russian oil and gas market due to the Ukraine conflict had cost it $3.9 billion (£3.7 billion).
BP also reported a sharp rise in profits earlier in May.
The firm has said it will invest £20 billion to £25 billion (€18.9 to €23 billion) in the UK in the next decade in low carbon energy and in UK gas and oil supplies.
The invasion of Ukraine has helped oil and gas prices skyrocket. Russia is one of the world's major exporters, but Western nations have pledged to cut their dependence on the country for energy, the BBC reported.
Oil prices were already rising before the Ukraine war as economies started to recover from the Covid pandemic.
Shell chief executive Ben van Beurden said the war in Ukraine had caused "significant disruption to global energy markets".
He said: "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."
Norway's Equinor, which supplies a quarter of the UK's gas, also posted record earnings as well.
Shell made $9.13 billion (€8.6 billion) in the first three months of 2022, nearly triple its $3.2 billion (€3 billion) profit it announced for the same period last year.
However, the company also revealed that said exiting from the Russian oil and gas market due to the Ukraine conflict had cost it $3.9 billion (£3.7 billion).
BP also reported a sharp rise in profits earlier in May.
The firm has said it will invest £20 billion to £25 billion (€18.9 to €23 billion) in the UK in the next decade in low carbon energy and in UK gas and oil supplies.
The invasion of Ukraine has helped oil and gas prices skyrocket. Russia is one of the world's major exporters, but Western nations have pledged to cut their dependence on the country for energy, the BBC reported.
Oil prices were already rising before the Ukraine war as economies started to recover from the Covid pandemic.
Shell chief executive Ben van Beurden said the war in Ukraine had caused "significant disruption to global energy markets".
He said: "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."
Norway's Equinor, which supplies a quarter of the UK's gas, also posted record earnings as well.
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