Shell Plc reported second-quarter adjusted earnings of $9.84 billion, beating analyst estimates of $8.79 billion by 12% and nearly doubling the $4.26 billion recorded in the same period last year. The surge marks the highest profit since the outbreak of the Ukraine war, driven by higher oil and gas prices amid ongoing conflict in the Middle East.

Shell's London-listed shares have risen around 21% this year, though the firm lags behind competitors Total Energies, Exxon Mobil, and Chevron in overall market performance. Beyond earnings, the company agreed to purchase Canadian energy company ARC Resources for $16.4 billion, a move likely to reinvigorate criticism from President Donald Trump and Congress regarding high corporate profits.

Analysts at Wood Mackenzie project oil producers will pocket a half-trillion-dollar cash windfall this year, with most firms prioritizing capital retention over new drilling investments or shareholder payouts.