Shell nearly doubles quarterly profit year-on-year
Diesel fuel stations at a Shell gas station in Los Angeles, California, on Sept. 28, 2026.
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Shell nearly doubled its quarterly profit year-on-year to $10.81 billion and saw record refining margins, the oil major said Thursday.
Adjusted earnings, the company’s measure of net profit, soared from $5.43 billion a year ago, driven by higher commodity prices and a global squeeze on refined products amid Middle East conflict and the Russia-Ukraine war.
It was the strongest profit since the second quarter of 2022, in the wake of Russia’s full-scale invasion of Ukraine. Analysts expected the figure to be $9.92 billion for July to September, according to an LSEG-compiled consensus.
Shell share price.
Indicative refining margins were $42 per barrel, smashing the previous record of $28.04 per barrel in the second quarter of 2022, meeting the company’s forecast from earlier in the month.
The company boosted its buyback program, announcing a $5 billion share buyback program for the next three months.
CEO Wael Sawan said the company saw strong operational performance amid “continued severe disruption to the global energy system.”
Brent crude.
