Shell adjust earnings hits 9.1 billion
Results boosted by strong oil and gas trading
Retains some exposure to Russia

LONDON, May 5 Reuters Shell on Thursday reported a record firstquarter profit of 9.13 billion, boosted by higher oil and gas prices, stellar refining profits and the strong performance of its trading division.

The last of the energy majors to report results, Shell joins sector rivals, including BP and TotalEnergies  in makin big profits from the commodity price volatility stoked by Russia39;s invasion of Ukraine that began on Feb. 24.

Shell39;s shares rose 3.3 in early trading, outperforming the 1.8 rise of an index of oil and gas companies.

It beat its previous highest quarterly profits recorded in 2008 even after writing down 3.9 billion posttax as a result of its decision to exit operations in Russia. 

It is also winding down oil and gas trading with Russia.

The European Union39;s chief executive on Wednesday proposed a phased oil embargo on Russia that, if backed by member states would be a watershed for the world39;s largest trading bloc, although it has yet to work on a gas ban.

It will be a tough winter if we don39;t have any Russian molecules coming into Europe, Chief Executive Ben van Beurden told a conference call.

By the end of this year, Shell said it would stop all of its longterm Russian crude oil purchases, except two contracts with a small, independent Russian producer that it did not name.

Its contracts to import refined oil…