Shell was the last energy company to report first-quarter results, along with industry rivals, including BP and TotalEnergies, with large profits from the commodity price volatility stemming from the campaign. Russia’s special military entry into Ukraine began on February 24.
This is Shell’s highest quarterly profit, surpassing the previous record set in 2008, even as the company recorded a $3.9 billion after-tax loss as a result of its decision to withdraw from operations. in Russia.
Shell is currently reducing its oil and gas business with Russia.
European Union leaders on May 4 proposed a phased oil embargo against Russia. If backed by member states, it would be a turning point for the world’s largest trading bloc, although the bloc has yet to implement a gas ban.
Oil and gas company Shell announced a record high first quarter profit of 2022. (Photo: Bloomberg)
“It’s going to be a tough winter if we don’t get Russian energy into Europe,” Shell CEO Ben van Beurden said at the conference meeting.
At the end of the year, Shell said it would stop all long-term crude oil purchases with Russia, except for two contracts with a “small, independent Russian producer”, which it did not name.
Shell’s contracts to import refined petroleum products from Russia will also end, adding that the company still has long-term contracts to buy liquefied natural gas (LNG) from Russia.
Shell, the world’s largest LNG trader, said sales of the fuel rose 9% in the first quarter of 2022, to 18.3 million tonnes. LNG is seen as crucial to ending Europe’s dependence on Russian gas pipelines.
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