# Profits at Shell have surged by £1billion year-on-year as it benefited from what boss Wael Sawan called "unprecedented disruption in global energy markets" The industry heavyweight was among producers to benefit from a surge in wholesale oil and gas prices.

*business · news · 2026-05-07 · The Mirror*

## Key points

- Shell reported £5.1 billion profit in Q1, up £1 billion year-on-year despite 4% lower output.
- Shell's Qatari gas plant was damaged due to the US-Israeli war on Iran, repairs may take a year.
- Shell announced a 5% dividend increase and a £2.2 billion share buyback program for investors.
- Shell's CEO Wael Sawan's holdings increased by £1.7 million due to share awards during the conflict.
- Oil prices are still about 40% higher than before the Iran conflict started in late February.

**Companies:** Shell, BP, Equinor
**Countries:** United Kingdom, Iran, United States, Qatar

[Read the full story on The Mirror](https://www.mirror.co.uk/money/shell-profits-oil-prices-iran-37120136)

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