Shell reported its second‑highest quarterly profit ever, with $9.8bn in adjusted earnings, beating the consensus estimate of $8.9bn and rising from $4.3bn in the same quarter a year earlier.

Chief executive Wael Sawan said volatility is the new normal, citing the war in the Middle East, which has created a strong tailwind for the company’s trading arm. Shell’s 2022 peak of $11.5bn came after Russia’s invasion of Ukraine triggered an energy crisis in Europe.

The conflict hit Shell’s 31% drop in gas production after its Pearl gas‑to‑liquids plant in Qatar stopped. Refineries ran at 102% utilisation to meet jet and diesel demand, while the chemicals division grew 49% to $2.8bn. Shell remains the world’s largest LNG player, with supply from Canada easing its exposure to the Qatar stoppage.

Shell trimmed its quarterly share buy‑back programme to $3bn in May but will keep the level next quarter and finish a missed $1.2bn buy‑back. The shares rose 1.2% in early trading, and the company completed the acquisition of ARC Resources in May, affecting its buy‑back schedule.