Shell reports highest quarterly profit since 2008 on crude boom

Shell 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 Russia.

It is also winding down oil and gas trading with Russia.

The last of the energy majors to report results, Shell 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, Shell 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.