Oil giants Shell and BP report soaring profits as crude hits $119 per barrel
Oil and gas companies have reported strong financial results for the first quarter of 2026. Shell led with a $6.9bn profit, while BP more than doubled its earnings from the same period last year. Rising crude prices and new energy developments have shaped the industry’s performance in recent months. Crude oil prices climbed sharply in early 2026, jumping from $61 to $119 per barrel. This surge contributed to higher profits across the sector.
Shell announced a $6.9bn profit for the quarter, marking a 115% increase from the previous three months. Compared to the first quarter of 2025, the company’s earnings rose by 24%. Investors will benefit from a 5% dividend increase following these results.
BP also saw significant gains, reporting $3.2bn in profits—more than double its earnings from the same period in 2025. Meanwhile, Eni revealed strong test results from its Geliga-1 gas discovery offshore Indonesia. The site produced around 200 million standard cubic feet of gas per day, along with 10,000 barrels of condensate.
In Norway, authorities approved the reopening of three North Sea gasfields: Albuskjell, Vest Ekofisk, and Tommeliten Gamma. Elsewhere, Japan and the UAE agreed to expand their joint crude oil stockpiles in Japan and boost UAE crude supplies to the country. The first quarter of 2026 brought substantial gains for major energy firms. Shell’s profits surged, BP’s earnings doubled, and new gas projects advanced in Indonesia and Norway. With crude prices reaching $119 per barrel, the sector’s financial outlook remains strong for now.
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