LONDON—Shell on Thursday reported a record first-quarter profit of $9.13 billion, boosted by higher oil and gas prices, stellar refining profits, and the strong performance of its trading division.
The last of the energy majors to report results, Shell joins sector rivals, including BP and TotalEnergies in making big profits from the commodity price volatility stoked by Russia’s invasion of Ukraine that began on Feb. 24.
Shell’s shares rose 3.3 percent in early trading, outperforming the 1.8 percent rise of an index of oil and gas companies.
It beat its previous highest quarterly profits recorded in 2008 even after writing down $3.9 billion post-tax as a result of its decision to exit operations in Russia.
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