Shell reported stronger earnings after volatility in crude markets boosted performance in its oil trading operations during the latest quarter.
The company said underlying earnings from its chemicals and products division more than quadrupled to $1.9 billion, up from $449 million a year earlier, supported by elevated energy prices and strong trading conditions.
Despite announcing another shareholder return programme, Shell reduced the size of its latest share buyback to $3 billion from $3.5 billion previously.
Chief executive Wael Sawan said the group had delivered resilient results despite “unprecedented disruption” across global energy markets, adding that operational performance and energy security remained key priorities.
Shell also increased its quarterly dividend to $0.3906 per share, up from $0.3580 in the same period last year, and confirmed that total shareholder distributions reached $5.3 billion during the first quarter of 2026, combining dividends and buybacks.
Environmental campaigners criticised the scale of profits generated during the recent energy market turmoil. Greenpeace estimated the company earned more than $53,000 per minute during the quarter.
Meanwhile, Mark van Baal, head of climate-focused shareholder group Follow This, also weighed in following the results announcement.
“These windfall profits are the result of war, not strategy. The underlying business model remains untenable as fossil fuel demand will enter structural decline soon.
“If Shell can’t restore its dividend to pre-Covid level with the oil price above $100, how will the company create shareholder value when demand declines and the oil price drops?”
