Shell announced first-quarter profits of $6.9 billion, joining five other European oil majors in recording their highest quarterly earnings since late 2022. Global Witness analysis shows that bp, Shell, TotalEnergies, Eni, Equinor, and Repsol collectively generated $21.7 billion in the first quarter of 2026, a 43 percent surge compared to the same period last year.

The profit spike reflects volatile crude prices stemming from geopolitical tensions, particularly the US-Israel conflict involving Iran. Energy analysts attribute the windfall to supply uncertainties that pushed prices higher, benefiting producers with substantial reserves and existing infrastructure.

Global Witness characterized the earnings as "obscene," framing the profits within broader debates over energy company revenues during global instability. The organization's findings underscore how major oil corporations capitalize on international conflicts that disrupt markets.

The earnings represent a return to peak profitability levels last seen in late 2022, when European majors similarly benefited from market turmoil following Russia's invasion of Ukraine. That period prompted widespread political scrutiny across Europe, with governments facing pressure to implement windfall taxes and excess profit levies on energy companies.

The latest results reignite discussions about whether governments should impose additional taxation on oil profits. Several European nations previously debated or implemented temporary levies, though most have since expired or faced industry pushback.

Shell's $6.9 billion quarterly result positions it among Europe's most profitable corporations and reinforces how integrated international energy majors generate substantial returns during periods of supply disruption. The company's performance reflects its diversified global operations and production capabilities.

The combined earnings of these six majors demonstrate the sector's continued ability to generate enormous profits despite global energy transition efforts and renewable investment commitments. Each company has pledged varying degrees of climate action and green energy pivots, yet fossil