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Global energy major Shell recorded adjusted earnings of $10.81 billion in the third quarter of 2026, nearly doubling its profit from the same period last year and exceeding market expectations. Stronger refining margins and rising liquefied natural gas (LNG) prices contributed to the company's strongest quarterly performance since 2022.
The results surpassed analysts' forecasts of $10.33 billion, while earnings increased significantly from the $5.43 billion reported in the third quarter of 2025.
Shell's refining margins reached a record $42 per barrel, compared with $24 in the preceding quarter and $11.60 a year earlier. The sharp increase reflects tighter global fuel supplies and heightened market volatility amid ongoing geopolitical disruptions in the Middle East.
The company's integrated gas division generated $3.04 billion in earnings, outperforming expectations of $2.93 billion. Its upstream operations also delivered stronger-than-anticipated results, recording $3.19 billion against forecasts of $3.10 billion.
Following the improved financial performance, Shell increased its share repurchase programme from $3 billion to $5 billion for the next three months, signalling its commitment to shareholder returns.
The earnings demonstrate how elevated LNG prices, refining profitability and changing supply conditions continue to influence the financial performance of major international energy companies.
