British energy giant Shell reported a record quarterly profit of $9 billion on Thursday, aided by a surge in oil and gas prices that followed Russia’s invasion of Ukraine.
In its earnings report For the first quarter of 2022, Shell reported a net income of $9.13 billion—nearly triple of the $3.2 billion reported in the same quarter last year—beating out its previous record from 2008.
The massive profit comes despite the company having to write down $3.9 billion for its decision to exit operations in Russia following the invasion.
Shell plans to stop all its long-term Russian crude oil purchases by the end of the year, excluding two contracts with an anonymous “small, independent Russian producer.”
Shell’s bumper results followed rivals BP and TotalEnergies which also reported a sharp uptick in profits aided by volatile oil prices.
The markets reacted positively to Shell’s report with the company’s stock up nearly 3% in mid-morning trading.