Shell Profits $10.8B on Refining Boom, Boosts Buyback

Shell reported adjusted third-quarter profit of $10.8 billion on Thursday. That beat analyst forecasts of $10.33 billion.

• $5.43 billion was Shell's adjusted profit in the same quarter of 2025.
• $3.86 billion came from chemicals and products, up from $550 million.
• $42 per barrel was Shell's expected refining margin, up from $24.
• $94.90 per barrel was Brent's quarterly average, up from $69.10 a year earlier.

Why it matters: The war in the Middle East has damaged refineries and kept the Strait of Hormuz closed. Fuel shortages have raised costs for households while lifting oil company earnings.

• Shell's refining margins exceed the roughly $28 record set early in the Russia-Ukraine war.
• Shell's gas output fell by a third after damage to a Gulf processing facility.

How 4 sources split on this story

Where they split: Shell attributes the results to operational performance, while campaigners argue the company is profiting from a crisis that is raising household costs.

What’s next: Shell will return $5 billion to shareholders through buybacks before year-end.

• Earnings depend on how long the war keeps oil above $100 a barrel.
• How long will refining margins stay near record levels if Middle East supply recovers?
• Will the profits renew pressure in the UK for windfall taxes on energy companies?