The massive profit of $9 billion comes despite the company having to write down $3.9 billion for its decision to exit operations in Russia following the invasion.
for the first quarter of 2022, Shell reported a net income of $9.13 billion—nearly triple of the $3.2 billion reported in the same quarter last year—beating out its previous record from 2008.
The massive profit comes despite the company having to write down $3.9 billion for its decision to exit operations in Russia following the invasion.two contracts with an unnamed “small, independent Russian producer.” Shell’s bumper results followed rivals BP and TotalEnergies which also reported a sharp uptick in profits aided by volatile oil prices.
The markets reacted positively to Shell’s report with the company’s stock up nearly 3% in mid-morning trading.“The war in Ukraine is first and foremost a human tragedy, but it has also caused significant disruption to global energy markets… We have been engaging with governments, our customers and suppliers to work through the challenging implications and provide support and solutions where we can,” the company noted in its$110.36.
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