Shell posts record quarterly profit

STORY: Shell made a record profit in the first-quarter.

The British firm said Thursday (May 5) that high oil and gas prices helped it make $9.1 billion.

Adjusted earnings from refining and marketing refined products hit close to $1.2 billion.

That was up from a $130 million loss in the previous quarter.

It means Shell has joined numerous rivals like BP and TotalEnergies in making big money in the first quarter.

The energy giants have profited from commodity price volatility stoked by Russia’s invasion of Ukraine.

Shell itself has pulled out of Russia at a cost of $3.9 billion.

Shell said it would stop all of its long-term crude oil purchases from the country by the end of the year, except two contracts with a - quote - ‘small, independent Russian producer’ which it didn’t name.

It said contracts to import refined oil products from Russia would also end.

But it added it still had long-term contracts to buy liquefied natural gas from Moscow.

Shell is the world’s largest LNG trader and saw sales of the fuel rise by 9% in the first quarter.

Shell shares rose more than 3% after the update.