Shell's Q3 Adjusted Profit Doubles as Refining Margins Hit Record High

Deep News10-29

Shell announced on Thursday that its third-quarter adjusted earnings nearly doubled year-on-year, reaching $10.814 billion, while refining margins also set a record high.

The company's adjusted earnings surged significantly from $5.43 billion a year earlier.

This growth was mainly driven by rising commodity prices and the impact of tightening global refined product supply amid conflicts in the Middle East and between Russia and Ukraine.

The reference refining margin stood at $42 per barrel, far exceeding the previous record of $28.04 per barrel set in the second quarter of 2022.

The company also announced it will conduct $5 billion in share buybacks over the next three months.

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