Higher crude oil prices boosted the value of Shell’s production while sharp swings in global energy markets generated lucrative trading opportunities across its oil and LNG businesses. Shell suffered a significant reduction in gas production following disruption to its operations in Qatar, including the Pearl GTL complex. But it does illustrate a fundamental characteristic of the modern integrated oil major: when markets become volatile, diversified companies with global trading operations are often among the best positioned to profit. For shareholders, these figures demonstrate the value of Shell’s scale, trading expertise and operational flexibility. It is a debate that is likely to intensify as long as global instability continues to reshape the world’s energy markets.