Shell Reports Record $9 Billion Quarterly Profit As Oil And Gas Prices SurgedBritish energy giant Shell reported a record
quarterly profit of $9 billion, aided by a surge in oil and gas prices.
In its earnings report for the first quarter of 2022, Shell reported a
net income of $9.13 billion — nearly triple of the $3.2 billion reported in the same quarter last year — beating out its
previous record from 2008.The massive profit comes despite the company having to
write down $3.9 billion for its decision to exit operations in Russia.
Shell’s bumper results followed
rivals BP and TotalEnergies which also reported a sharp uptick in profits aided by volatile oil prices.
The markets reacted positively to Shell’s report with the
company’s stock up nearly 3%.
