Shell posts highest quarterly profit since 2022, hikes buybacks
SHEL•Shell reported third-quarter net profit of $10.81 billion, beating the $10.33 billion forecast, and raised its quarterly buyback to $5 billion from $3 billion. Its refining margin reached a record $42 a barrel.
1. Profit and buybacks rise
Shell reported third-quarter net profit of $10.81 billion, nearly double the $5.43 billion earned a year earlier and above analysts’ average estimate of $10.33 billion. The company raised its quarterly share buyback to $5 billion from $3 billion.
2. Output and segment results
Shell’s refining margin reached a record $42 a barrel, compared with $11.60 a year earlier and $24 in the previous quarter. Integrated gas earnings were $3.04 billion and upstream earnings were $3.19 billion, both above forecasts. Cash flow from operations, excluding working capital, rose to $21.7 billion from $12.24 billion a year earlier.
3. War-related disruptions
Oil and gas output fell 17% in the first nine months of 2026 from a year earlier, mainly because the conflict in the Middle East reduced volumes from Qatar. LNG liquefaction volumes rose 12%, driven by the ramp-up of LNG Canada and partly offset by the disruption in Qatar. Shell recorded $2.5 billion in pretax impairments, mainly related to a European biogas asset.
