Shell Q3 profits boosted by record refining margins

29th Oct 2026 08:24

(Sharecast News) - Shell posted a near-doubling of its third-quarter profit on Thursday, driven by record refining margins, as it lifted its share buyback programme.

In the three months to September end, adjusted earnings - the oil giant's measure of net profit - rose to $10.8bn from $5.4bn in the same period a year earlier. This was ahead of analysts' expectations of $10.3bn.

The indicative refining margin jumped to $42 in Q3 from $24 in the second quarter.

Shell also announced the launch of a £5bn share buyback programme, which is expected to be completed by the fourth-quarter results announcement.

Chief executive Wael Sawan said: "Shell's relentless focus on operational performance enabled very strong results in a quarter with continued severe disruption to the global energy system. I'm grateful to Shell's teams around the world who continue to work tirelessly to produce and supply the energy our customers need.

"We are further investing in our advantaged Integrated Gas business with the completion of the ARC Resources Ltd. acquisition and the final investment decision on LNG Canada Phase 2, supporting Shell's long-term cash flow growth.

"Our strong delivery allows us to announce a $5 billion share buyback programme for the next three months."

At 0820 GMT, the shares were up 3.4% at 4,090p.

Chris Beauchamp, chief market analyst at IG, said: "Shell has been on an absolute tear of late, building on a rally that was given new impetus during 2025. The group finds itself transformed, with profits surging and debt being cut yet further, and the group's confidence is underlined by the new buyback. After the mid-year dip for oil prices, it looks like we will see oil at elevated levels for a while yet, delighting shareholders."

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