Shell is under fire after reporting a much larger-than-expected profit haul, with critics accusing the oil giant of cashing in on turmoil as energy prices surge amid the war in Iran.
According to a report from the Guardian, the company said it made $6.9 billion in first-quarter profits, a 115% jump from the previous quarter and well above analyst forecasts. The results also included a 5% dividend increase for shareholders, further fueling backlash from climate campaigners and renewed calls for tougher taxes on oil and gas windfalls.
Shell, Europe's biggest oil and gas company, offered up an explanation for its strong performance. Chief executive Wael Sawan said the results reflected the company's "relentless focus on operational performance in a quarter marked by unprecedented disruption in global energy markets."
However, that explanation didn't sit well with critics. Broadcaster and environmental campaigner, Chris Packham, posted his frustration on X, writing, "Profiting from illegal wars and burning up our one and only home . . . what a lovely company . . . Shell profits rise as Iran war pushes oil prices higher."
Shell's first-quarter profits were up 24% from the same period a year earlier and easily beat the $6.4 billion expected by City analysts. The Guardian noted the surge was helped by higher crude prices after disrupted oil and gas shipments through the Strait of Hormuz drove crude from roughly $61 a barrel in January to about $119 in late March and in late April.
The harms caused by the fossil fuel industry go far beyond questionable quarterly earnings. Extracting, producing, and burning oil and gas worsens extreme weather disasters that destroy homes, livelihoods, and local economies; drives air and water pollution linked to asthma, heart disease, cancer, and premature death; and keeps household energy costs high even as corporate profits soar.
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Communities often end up paying the price twice — once through higher bills and again through climate-fueled damage — while industry lobbying slows the adoption of cleaner, cheaper energy solutions that could better protect families and improve resilience.
That tension is a big reason the results sparked immediate protests.
The Guardian reported that demonstrators from Fossil Free London gathered outside Shell's headquarters to denounce what they called "blood money" profits. Campaigners also renewed demands for stronger windfall taxes, arguing that excess profits should be used to help households facing rising energy and fuel costs and to speed the shift to homegrown renewables.
The pressure grew after BP also reported stronger-than-expected quarterly earnings, crediting "exceptional oil trading" for its best quarter since 2023, according to the Guardian.
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Danny Gross, a climate campaigner at Friends of the Earth, said, "Fossil fuel giants are pocketing monstrous profits while drivers are being squeezed at the petrol pump and households are set to pay higher energy bills."
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