LONDON — British energy giant Shell said on Thursday that its net profit tripled to $10.8 billion in the second quarter as market volatility and the Middle East war sent oil prices soaring.
Profit after tax for the April-June period compared with $3.6 billion in the second quarter of 2025, Shell said in an earnings statement.
“Shell’s operational performance enabled very strong results during another quarter of severe disruption in global energy markets,” said chief executive Wael Sawan.
Crude futures traded far higher in the second quarter of 2026 compared with the equivalent period one year earlier as the US-Iran war disrupted global supplies.
About 20 percent of Shell’s oil and gas production comes from the Middle East, or 550,000 barrels of oil equivalent per day.
Shell’s revenue jumped 45 percent to $96.4 billion in the second quarter.
It noted, however, that “higher realized prices” were “partly offset by lower volumes, mainly due to the impact of the Middle East conflict.”
Shell said that its gas production had slumped in the April-June period to 631,000 barrels of oil equivalent daily from 909,000 barrels per day in the first quarter.
Its gas output was impacted after the world’s largest liquefied natural gas hub, Ras Laffan in northern Qatar, suffered significant damage in the war. According to Shell, repairs to the facility could take about a year.
Shell added on Thursday that its latest share buyback would return $3 billion to shareholders.
