Shell Profit Skyrockets to $9.8 Billion Amid Middle East Conflict

Shell's second-quarter profit more than doubled to $9.84 billion, beating expectations and marking its second-highest on record.

The increase was driven by higher energy prices and increased market volatility during the Middle East conflict, as well as stronger liquefied natural gas (LNG) and oil trading.

Shell's refineries were running at 102% of their nameplate capacity to take advantage of high fuel prices, resulting in a fifth increase in jet fuel production from last year.

The company maintained its share buyback programme at $3 billion for the next quarter and reported its highest operating cash flow since 2022.