May 5, 2022, 06:13am.
Shell reported a record quarterly profit of $9 billion on Thursday, helped by a surge in oil and gas prices that followed Russia's invasion of Ukraine.
The net income of Shell was nearly triple that of the same quarter last year.
In its earnings report for the first quarter of 2022, Shell reported a net income of $9.13 billion, nearly triple the $3.2 billion reported in the same quarter last year.
Despite having to write down $3.9 billion, the company made a massive profit.
Shell will stop buying Russian crude oil by the end of the year, except for two contracts with a small, independent Russian producer.
The results of Shell and other companies were boosted by volatile oil prices.
The markets reacted positively to Shell's report with the company's stock up 3% in mid-morning trading.
The war in Ukraine has caused significant disruption to global energy markets and we have been engaging with governments, our customers and suppliers to provide support and solutions where we can.
$110.36. The current price per barrel of crude oil is pegged by the futures market. The price of oil soared after Russia invaded Ukraine.
The price of oil went up at the end of last year, but then went down in February after Russia invaded Ukraine. The invasion led to a flurry of western sanctions against Moscow, as well as an effort by European nations to untether themselves from Russian fossil fuels. The European Union plans to ban Russian oil imports as part of a new wave of sanctions.
Shell pledges to stop buying Russian oil and gas.
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