Shell plc reported $10.8 billion in adjusted earnings for the third quarter of 2026, nearly doubling the $5.43 billion recorded during the same period last year as stronger refining margins and higher liquefied natural gas (LNG) prices boosted its performance. The British energy company released its results on October 29, reporting improved profitability across several business segments.
The company's adjusted earnings reached $10.814 billion for the three months ended September 30, compared with $5.432 billion in the third quarter of 2025. Income attributable to Shell shareholders also increased to $12.057 billion from $5.322 billion a year earlier, according to its unaudited financial results.
Higher refining margins were among the major contributors to the improved performance. Reuters reported that Shell's refining margin increased to $42 per barrel, compared with $11.60 per barrel during the same period last year, reflecting stronger returns from processing crude oil into refined petroleum products.
The company's integrated gas business also benefited from higher realised LNG prices and increased sales volumes. Its upstream division recorded adjusted earnings of $3.189 billion, while integrated gas contributed $3.037 billion during the quarter.
Shell's chemicals and products division delivered adjusted earnings of $3.855 billion, compared with $550 million in the third quarter of 2025. The improvement reflected stronger refining and chemicals margins, alongside better performance across its operations.
The company also reported cash flow from operating activities of $21.043 billion, compared with $12.207 billion a year earlier. Adjusted EBITDA increased to $22.736 billion from $14.773 billion, highlighting the improvement in operating performance.
Following the results, Shell increased its quarterly share buyback programme to $5 billion from $3 billion. The move signals stronger cash returns to shareholders as the company benefits from improved profitability.
However, the energy giant continues to face operational challenges. Its oil and gas production available for sale declined to 2.574 million barrels of oil equivalent per day from 2.821 million barrels a day in the third quarter of 2025, partly reflecting disruptions affecting production in the Middle East.
The results underline the influence of global energy market conditions on major oil companies, particularly through refining margins, commodity prices and LNG demand.
Investors will now be watching Shell's fourth-quarter performance, production recovery and refining market conditions to determine whether the improved earnings momentum can be sustained.
