Shell's adjusted earnings nearly doubled year-on-year to $10.81 billion, beating analyst expectations and marking the company's highest profit level since the second quarter of 2022.
Affected by the situation in the Middle East and attacks on Russian refineries that tightened global refined product supply, Shell plc (NYSE: SHEL) reported an indicative refining margin that hit a record high of $42 per barrel.
Given the company's strong operational performance amid disruptions to the global energy system, Shell announced a $5 billion share buyback program for the next three months.
On September 28, 2026, a diesel pump at a Shell gas station in Los Angeles, California, USA. The oil giant released its earnings report on Thursday, with quarterly profit nearly doubling year-on-year to $10.81 billion, while refining margins also reached a record high.
The company's measure of net profit — adjusted earnings — surged from $5.43 billion in the same period last year. Rising commodity prices, combined with tight global refined product supply caused by the Middle East conflict and the Russia-Ukraine war, jointly boosted profitability. This was Shell's best quarterly profit since the second quarter of 2022.
According to market consensus compiled by the London Stock Exchange Group, analysts had originally expected third-quarter profit for July-September to be $9.92 billion. The indicative refining margin reached $42 per barrel, significantly breaking the previous record of $28.04 per barrel in the second quarter of 2022, consistent with Shell's forecast earlier this month.
The company stepped up buybacks, announcing a $5 billion share repurchase program for the next three months. CEO Wael Sawan said the company achieved strong operational results in an environment where "the global energy system continues to suffer severe shocks."
Affected by the US-Israel conflict with Iran and attacks in the Strait of Hormuz, crude oil prices fluctuated sharply this year. Meanwhile, attacks on Russian refineries further exacerbated the global refining capacity gap, driving up diesel and jet fuel prices.
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