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Shell's quarterly profits nearly doubled year-on-year, with refining profit margins reaching a record high
CNBC
1h ago
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Shell stated that driven by rising commodity prices and the tightening of refined oil supply due to conflicts in the Middle East and the Russia-Ukraine war, its adjusted profit in the third quarter nearly doubled year-on-year to $10.8 billion, exceeding market expectations; the company also announced plans to repurchase $5 billion worth of its own shares over the next three months.
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On September 28, 2026, a diesel fuel dispenser at a Shell gas station in Los Angeles, California, USA.

Bloomberg | Bloomberg | Getty Images

The oil giant stated on Thursday that Shell's adjusted profit in the third quarter nearly doubled year-on-year, reaching $10.8 billion, and it also recorded a record refining margin.

As an indicator for the company to measure net profit, the adjusted earnings have risen significantly from $5.4 billion a year ago, mainly driven by higher commodity prices, as well as the tightening of global refined oil supply amid conflicts in the Middle East and the Russia-Ukraine war.

According to the market expectations summarized by LSEG, analysts originally predicted this figure to be $9.92 billion.

The indicative refining profit margin is $42 per barrel, which is significantly higher than the previous record of $28.04 set in the second quarter of 2022.

The company also announced that it will undertake a $5 billion stock repurchase over the next three months.

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