XLE & Oil

Shell Profits Nearly Double to $10.8 Billion as Refining Margins Hit Record

OilPrice.com·Oct 29, 2026 · 7:29 AM CT
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Readthrough summary

Shell reported adjusted third-quarter earnings of $10.814 billion on Thursday, its best since 2022 and nearly double the $5.432 billion of a year earlier.

The supermajor said the results "reflect strong operational performance in a continued volatile and elevated commodity price environment with record refining margins." Its global indicative refining margin rose to a record $42 per barrel, from $24 in the second quarter.

OilPrice.com says limited fuel flows from the Middle East and Russia's ban on diesel exports compounded a global fuel crunch this summer, while strong trading and high oil and gas prices added to Shell's windfall.

Key points

  • Q3 adjusted earnings $10.81B vs. $5.43B a year ago
  • Refining margin record $42/bbl

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Read the original at OilPrice.com

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