Oil giant Shell smashes expectations as profits more than double in second quarter

Oil giant Shell smashes expectations as profits more than double in second quarter

Shell posts best quarterly profit in four years as Iran war boosts oil, gas prices

Shell reported stronger-than-expected second-quarter profit, benefitting from the jump in oil and gas prices amid the sprawling Middle East conflict . The oil giant posted adjusted earnings of $9.84 billion for the April to June period, comfortably beating analyst expectations of $8.79 billion, according to an LSEG-compiled consensus. A separate, company-provided analyst forecast had put Shell's expected second-quarter profit at $8.92 billion. Shell reported adjusted earnings of $4.26 billion over the same period a year ago and $6.92 billion over the first three months of 2026. It marks Shell's best quarterly result since the second quarter of 2022, when the company reported earnings of $11.47 billion as oil and gas prices surged in the wake of Russia's full-scale invasion of Ukraine . Shell said it would maintain the pace of its share buyback program at $3 billion over the next quarter. The bumper result comes as energy majors receive a profit boost from soaring fossil fuel prices amid the Iran war. Key highlights from Q2 : Cash flow from operations of $21.4 billion, supported by higher realized prices. Net debt came in at $41.75 billion, down from $52.6 billion at the end of the first quarter. Capital expenditure outlook for 2026 unchanged at a range of $24 billion to $26 billion. The U.S. on Wednesday launched its first airstrike in the Middle East since pausing its bombing campaign last week. U.S. Central Command described the strikes as a "powerful response" to Tuesday's attempted Iranian attacks on American forces in the Middle East. London-listed shares of Shell have jumped around 21% so far this year, although the company lags the likes of Britain's BP and France's TotalEnergies , as well as U.S. majors Exxon Mobil and Chevron .