Shell reported a net profit of $10.8 billion for the second quarter of 2026, nearly tripling from $3.6 billion a year earlier, as revenue jumped 45% to $96.4 billion. The adjusted profit reached $9.84 billion, beating analyst expectations, and was the second highest on record after the period following Russia's invasion of Ukraine. The company announced a $3 billion share buyback as shares rose around 1.5%.
The results were buoyed by the impact of the Iran conflict on global oil and gas trade, with Brent crude trading above $90 a barrel on Thursday. LNG earnings grew 55% to $2.7 billion, while the chemicals and products division earned $2.3 billion, up sharply from $118 million a year ago.
Despite the strong earnings, gas production fell 30% year-on-year after Iranian drone strikes damaged Shell's Pearl gas-to-liquids plant in Qatar in March. Repairs are expected to take about a year.