Shell posts $6.9bn profit, faces climate protests
SkimNews Take
Geopolitical instability, even when not directly impacting supply, can drive up energy prices and profits for major oil companies, creating a cyclical tension between climate goals and immediate economic realities.
Get the Energy newsletter
Daily energy & climate — solar, EVs, oil, the policy fights and tech bets shaping the transition. Free.
- Shell posted Q1 profit of $6.9 bn, a 115% increase from the $3.2 bn in the previous quarter and 24% above the $5.6 bn a year earlier, beating analysts’ $6.4 bn forecast.
- Shell announced a 5% dividend increase for shareholders, citing confidence in long‑term cash flows.
- Chris Packham and other climate activists condemned Shell’s “blood‑money” earnings from the Iran‑related oil price surge, labeling the profits illegal.
- Shell’s oil‑gas output fell 4% after a drone strike damaged its Pearl gas plant in Qatar, with repairs projected to take about a year.
- BP reported a $3.2 bn Q1 profit, more than double the previous year, attributing the boost to “exceptional oil trading” amid the same price spike.
Why it matters: Shareholders gain a 5% dividend boost while consumers face higher fuel bills; the protest pressure could force governments to enact windfall taxes, shifting Shell’s excess profit into relief for energy‑price‑hit households.
Ask SkimNews
