You are here: Home » International » News » Companies
Business Standard

Shell reports highest quarterly profit since 2008 on crude boom

It beat its previous highest quarterly profits recorded in 2008 even after writing down $3.9 billion post-tax as a result of its decision to exit operations in Russia

Topics
energy sector | Shell | Russia

Reuters 

Photo: Bloomberg
Photo: Bloomberg

on Thursday reported a record first-quarter profit of $9.13 billion, boosted by higher oil and gas prices, stellar refining profits and the strong performance of its trading division.

It beat its previous highest quarterly profits recorded in 2008 even after writing down $3.9 billion post-tax as a result of its decision to exit operations in .

It is also winding down oil and gas trading with .

The last of the energy majors to report results, joins sector rivals, including BP and TotalEnergies in making big profits from the commodity price volatility stoked by Russia’s invasion of Ukraine that began on February 24.

By the end of this year, said it would stop all of its long-term Russian crude oil purchases, except two contracts with a “small, independent Russian producer” that it did not name.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, May 06 2022. 01:47 IST
RECOMMENDED FOR YOU