Shell CEO Wael Sawan has described the wildfires sweeping across Europe as “very worrying,” expressing sympathy for those affected, even as the company reported nearly $10 billion in profits for the second quarter of 2026. The substantial earnings mark Shell’s second-highest quarterly profit, driven largely by elevated oil and gas prices amid ongoing geopolitical tensions in the Middle East.

Shell’s adjusted earnings for the April-June period stood at $9.8 billion, more than double the $4.3 billion reported in the same quarter last year. The increase was largely attributed to volatile commodity prices following disruptions such as the shutdown of the Strait of Hormuz, a critical passage for global oil and liquefied natural gas (LNG) shipments. The company sold oil at an average price of $89 per barrel during the quarter, up from $64 a year earlier. Sawan noted that Shell’s ability to navigate market volatility and generate value from trading had been key to its financial resilience.

Despite these profits, production in Shell’s integrated gas division fell by 31 percent due to halted LNG output from Qatar and damage to a related gas-to-liquids facility. The company also announced plans to repurchase $3 billion of its shares in the upcoming quarter. Shell’s daily production during the period was approximately 2.5 million barrels of oil equivalent, and the company remains the world’s largest independent LNG trader.

Sawan emphasized that Shell is not solely a fossil fuel company, highlighting investments in renewable energy and low-carbon technologies. He cited Shell’s commitment to reduce carbon emissions from its oil and gas operations by half, as well as its $20 billion investment in green projects, including Europe’s largest green hydrogen plant in Rotterdam set to begin operation next year. He also pointed to Shell’s role as the second-largest electric vehicle charging network operator worldwide and investments in carbon capture and sequestration technologies.

Nevertheless, environmental campaigners have criticised the company’s ongoing focus on oil and gas expansion. Robert Palmer, deputy director at environmental group Uplift, accused Shell of profiting from conflict-related energy price spikes while contributing to climate change that exacerbates the wildfires. Uplift is urging policymakers to halt new fossil fuel projects Shell is involved in, specifically mentioning the Rosebank oil field and the Jackdaw gas field in the North Sea.

Sawan defended Shell’s current strategy, stating that transitioning the energy system is complex and that fossil fuels still account for about 75 percent of the UK’s energy supply. He argued that domestically sourced oil and gas can be more environmentally sound than imports, supporting jobs, tax revenue, and energy security. He also called on governments worldwide to introduce clear carbon pricing to encourage customers to switch to greener alternatives.

While Shell has scaled back many renewable ventures started under Sawan’s predecessor Ben van Beurden, the company maintains it is investing in the low-carbon energy transition but acknowledges that broader societal cooperation is essential to accelerate change. Critics, however, contend that Shell’s continued investment in oil and gas expansion undermines global efforts to combat climate change amid intensifying climate-related disasters.