# Shell says its adjusted profit soared to $6.92 billion in the first three months of the year.

*business · news · 2026-05-07 · The New York Times*

## Key points

- Shell's adjusted profit for Q1 reached $6.92 billion, more than doubling the previous quarter.
- The Brent crude oil price rose 37 percent since the start of the U.S.-Israel war with Iran.
- BP and TotalEnergies also more than doubled profits in Q1, announcing increased dividends and buybacks.
- Calls for a new windfall tax on oil profits have re-emerged due to oil companies' large gains.
- Exxon and Chevron reported steep profit drops, citing temporary accounting factors affecting results.

**Companies:** Shell, BP, Exxon Mobil, Chevron, TotalEnergies
**Countries:** United Kingdom, United States, Iran, France

[Read the full story on The New York Times](https://www.nytimes.com/2026/05/07/business/shell-profit-oil-iran-war.html)

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