Shell Profit Nearly Doubles to $10.8B as Iran War Fuels Refining Boom
October 29, 2026
Shell on Thursday announced above-expectation net profit of $10.81 billion in the third quarter, its highest since 2022, and boosted its share buybacks on the back of stronger refining margins and higher liquefied natural gas prices.
The US-Israeli war on Iran, now in its ninth month, has disrupted global energy supplies and caused prices to surge, helping Shell to reach a record margin for turning crude oil into refined fuels such as diesel.
Across the board, profits at Shell's business segments came in above expectations, with its integrated gas business reaping $3.04 billion in profits versus an expected $2.93 billion, and its upstream business recording $3.19 billion in profits against an expected $3.10 billion.
The average estimate for adjusted earnings — Shell's version of net profit — in a company-provided poll of analysts was $10.33 billion, almost double the company's profit a year ago of $5.43 billion.
Shell posted record refining margins at $42 a barrel, versus $11.6 a barrel a year ago and $24 a barrel last quarter.
It also boosted the pace of its quarterly share buyback programme to $5 billion from $3 billion.
(Reuters - Reporting by Shadia Nasralla and Stephanie Kelly; Editing by Jan Harvey)
