# British oil giant Shell reported a jump in first quarter profit to $6.92 billion.

*business · news · 2026-05-07 · UPI News*

## Key points

- Shell's Q1 profit rose to $6.92 billion, its highest since 2021, surpassing expectations.
- Shell's exceptional oil trading and refinery operations were key contributors to its profit surge.
- U.S. oil majors Exxon and Chevron saw profits drop despite higher global oil prices due to delivery timing.
- BP and Norway's Equinor also posted unexpectedly strong Q1 profits, with BP's profit up 140% year-on-year.

**Companies:** Shell, BP, Exxon, Chevron, Equinor
**Countries:** United Kingdom, Norway, United States, Iran

[Read the full story on UPI News](https://www.upi.com/Top_News/World-News/2026/05/07/Shell-reports-sharply-higher-profit/6991778153055/)

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