AI image concept: A giant Shell logo-shaped cash register sitting on an oil-slicked shoreline, ringing up “$6.9bn” while distant tankers pass through a smoky, war-lit Strait of Hormuz. In the foreground, a tiny green sapling labelled “transition” is being watered with a golden petrol pump nozzle
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The war dividend nobody wants to call a war dividend
There are quarters when an oil major merely makes money, and then there are quarters when the geopolitical horror show performs like an unpaid member of the trading desk.
Shell’s first quarter of 2026 appears to sit firmly in the second category. The company reported adjusted earnings of about $6.9 billion, more than double the previous quarter and above analyst expectations, helped by market volatility linked to the Iran war and disruption across global energy routes. The Times reported that Shell’s adjusted profits rose 23% year-on-year and were more than double the previous quarter, with trading, refining, marketing and gas-market volatility doing much of the heavy lifting. read more
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Timeline of the Donovan Shell Feud.
Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years.
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