Shell tops Q1 profit estimates as Iran war lifts energy prices

Shell reported stronger-than-expected first-quarter adjusted earnings, buoyed by higher fossil fuel prices linked to the ongoing conflict involving Iran.

The London-listed energy major said adjusted earnings were $6.92 billion for the first quarter of 2026, beating analyst expectations of $6.1 billion, according to figures cited in the report.

Adjusted earnings rose from $5.58 billion a year earlier and from $3.26 billion in the fourth quarter of 2025.

Buybacks trimmed; dividend increased

Shell said it reduced the pace of its quarterly share buyback program to $3 billion, down from $3.5 billion. The company also raised its dividend by 5% to $0.3906 per share.

Shell’s net debt increased to $52.6 billion at the end of the first quarter, up from $45.7 billion at the end of 2025. The rise was attributed largely to working capital effects tied to higher oil prices.

ARC Resources deal in focus

The results follow Shell’s recent agreement to acquire Canadian energy company ARC Resources in a deal valued at $16.4 billion, aimed at boosting output.

Oil prices have climbed roughly 40% since the Iran conflict began, though recent sessions have seen declines amid hopes of de-escalation.