Shell’s quarterly profit rises to $10.8bn as refining margins reach record high

Shell reported adjusted earnings of $10.8bn for July to September 2026, nearly double the $5.432bn it made in the same quarter last year, according to the Guardian. The results, announced on 29 October, matter to investors because Shell also raised its next three-month share buyback to $5bn, from $3bn in the previous quarter.

CNBC put adjusted earnings at $10.81bn and said it was Shell’s strongest quarterly profit since the second quarter of 2022. The figures are rounded differently in the two reports. The Guardian said the result exceeded analysts’ expectation of $10.33bn, while CNBC cited a separate LSEG-compiled consensus of $9.92bn.

Record margins at Shell’s refineries

The Guardian linked the increase to shortages in global fuel markets after severe damage to refineries in the Middle East and Russia. CNBC also cited a squeeze on refined products amid the Middle East conflict and the Russia-Ukraine war. Those market conditions helped Shell’s refining business even as damage to a key gas-processing facility in the Gulf hurt its gas output, according to the Guardian.

Higher prices alongside disrupted gas production

The Guardian said Shell’s gas production, previously 900,000 barrels of oil equivalent a day, fell by about a third as the Middle East war unfolded. It reported that Europe’s benchmark gas price averaged almost €64 per megawatt-hour in the third quarter, compared with more than €48 in the second. The global oil benchmark averaged $94.90 a barrel, up from $69.10 in the same quarter of 2025.

Chief executive Wael Sawan credited Shell’s operational performance for the results amid what he called ‘continued severe disruption to the global energy system.’ Greenpeace campaigner Philip Evans criticised the jump in profits, the Guardian reported. The reporting does not quantify how much of Shell’s earnings increase came from higher commodity prices, refining margins or its own operations.