Americans Face Higher Prices as Oil and Gas Companies Profit Amid US-Iran War
Shell said higher oil and gas prices and stronger trading lifted quarterly profit to $9.84 billion, while refineries ran at 102% capacity.
- On Thursday, Shell reported making $9.8 billion in the second quarter, more than double the company's profit from last year. Higher energy prices and market volatility significantly bolstered earnings for the British energy major.
- Market disruptions caused by instability in the Middle East and Iran created profitable opportunities for trading businesses at Shell and TotalEnergies. Brent crude averaged about $97 a barrel during the quarter, contributing to these results.
- Despite production falling 31 per cent, Shell's integrated gas business profits reached $2.7 billion, 55 per cent above last year. Operating at 102 per cent capacity, Shell's refineries captured high fuel prices.
- Consumers face rising costs, with drivers paying 35% more for gas than in late February. These profits follow calls from President Donald Trump's Justice Department for states to investigate potential price gouging by energy companies.
- Shell plans to maintain its share buyback program at $3 billion over the next three months. The company's net debt dropped to $41.8 billion, reflecting improved financial health alongside strong quarterly performance.
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LONDON — Shell more than doubled its second-quarter adjusted earnings compared with a year earlier as higher oil and natural gas prices, strong trading and record refinery utilization boosted the energy giant’s results. The company reported adjusted earnings of US$9.84 billion for the quarter, up from US$4.26 billion during the same period in 2025 and ahead of analyst expectations of between US$8.8 billion and US$8.9 billion. Shell attributed th…
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