Shell’s quarterly profit nearly doubles as refining margins hit a record

Shell reported third-quarter 2026 profit of $10.8 billion on October 29, beating expectations and nearly doubling from a year earlier. Refining margins—the price gap earned by turning crude oil into fuels such as gasoline—reached a record high.^[1][2][3]

Shell said its focus on operational performance helped deliver strong results amid continued severe disruption to the global energy system.^[1]

A wider gap between crude purchase prices and fuel selling prices gives refiners room to earn more from each barrel they process. Refiners that can keep plants running are positioned to benefit. Shell’s producers realized lower oil and liquids prices than in the second quarter, illustrating how refining earnings and oil-production earnings can move in different directions.^[4]

Shell also announced a $5 billion share buyback, returning money to selling shareholders and reducing the share count. That provides a capital return, while a retreat from record refining margins would weaken this earnings contribution; the current quarter is therefore an uncertain guide to sustained profits.^[4]

Impact

What to watch next

• The November 4 EIA gasoline inventory release will help test whether fuel supply is catching up with demand; a looser balance could put pressure on refining spreads.