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Shell Projects Profit Surge Amid Iran Crisis Volatility

4/8/2026

Summary

Story summary

Shell expects first-quarter profits from its commodity trading desks to rise significantly due to market volatility linked to the Iran crisis, with adjusted earnings projected at $200 million to $700 million, up from $100 million in the prior quarter.
Gas production is projected to decline to 880,000 to 920,000 barrels of oil equivalent per day because conflicts are affecting its Qatari assets.
Shell's working capital is expected to swing to between -$10 billion and -$15 billion, reflecting the impact of volatile commodity prices.

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Story summary

Shell expects first-quarter profits from its commodity trading desks to rise significantly due to market volatility linked to the Iran crisis, with adjusted earnings projected at $200 million to $700 million, up from $100 million in the prior quarter.
Gas production is projected to decline to 880,000 to 920,000 barrels of oil equivalent per day because conflicts are affecting its Qatari assets.
Shell's working capital is expected to swing to between -$10 billion and -$15 billion, reflecting the impact of volatile commodity prices.