Shell Reports $10.8 Billion Profit Amid Global Energy Disruptions
Shell reported a quarterly profit of $10.81 billion, nearly doubling year-over-year earnings and triggering a $5 billion share buyback program.
Shell plc reported a third-quarter adjusted profit of $10.81 billion for the period from July to September, nearly doubling the $5.43 billion earned during the same period last year. This performance, the company's strongest since the second quarter of 2022, exceeded analyst expectations and was driven by higher commodity prices and record indicative refining margins of $42 per barrel.
These financial gains resulted from a global squeeze on refined products caused by the Russia-Ukraine war and a nine-month US-Israeli war with Iran, including attacks in the Strait of Hormuz. In response to the results, the company increased its quarterly share buyback program from $3 billion to $5 billion, planning to repurchase up to 470 million shares across London and Netherlands exchanges by January 29, 2027.
Despite the profit surge, Shell faced operational challenges, including a 17% drop in oil and gas output for the first nine months of 2026. This decline was primarily due to conflict-related volume reductions in Qatar, specifically a March attack on Ras Laffan Industrial City that damaged the Pearl gas-to-liquids plant.
Climate campaigners from Greenpeace criticized the results, with senior campaigner Philip Evans accusing oil executives of cashing in on global misery and the environmental crisis while communities suffer from soaring costs and fossil-fuelled storms.
