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Shell on Wednesday said its first-quarter earnings are set to receive a significant boost from rising oil prices during the Middle East conflict, despite a dip in production.
Although global crude prices fell after the announcement of a temporary ceasefire between the United States and Iran, they remain well above levels recorded at the start of hostilities on February 28.
Shell said adjusted earnings in its marketing division, which includes its worldwide network of filling stations, are expected to be “significantly higher” compared with the same period last year. The company is due to release full results on May 7.
However, it noted that gas production is likely to decline relative to late 2025, citing the conflict’s impact on Qatari output.
Qatar, a major supplier of liquefied natural gas, maintains long-term agreements with Shell and other firms, including ENI, TotalEnergies, Petronet, and Sinopec. The country’s key facility at Ras Laffan, the world’s largest LNG hub, has reportedly sustained significant damage during the conflict.
Shell previously reported an 11 per cent rise in net profit to nearly $18 billion last year, supported by stronger sales volumes and reduced costs.
Following the latest drop in oil and gas prices, Shell’s share price fell by 6.4 per cent, while BP declined by seven per cent in afternoon trading on London’s FTSE 100.
