Shell Profit Nearly Doubles to $10.8 Billion as Refining Margins Hit Record; Buyback Raised to $5 Billion
Summary
Shell reported an adjusted profit of $10.8 billion for the July-September quarter, nearly double the $5.432 billion it made a year earlier and above analyst expectations of $10.33 billion. Refining margins rose to a record high as geopolitical volatility and a refined products crunch pushed energy and fuel prices sharply higher. Reports link the windfall to the Iran war and to disruptions across the Middle East and Russia that squeezed global fuel supplies. Shell raised its share buyback to $5 billion, which one report describes as one of the highest levels in the company's history. Other European oil majors also lifted their buybacks as profits rose, and climate campaigners criticised the high profits.
Timeline
Bloomberg
Source ↗Bloomberg reports that Shell boosted its share buyback to $5 billion, one of the highest levels in its history, as disruptions across the Middle East and Russia squeezed global fuel supplies and lifted its refining windfall.
The Guardian
Source ↗The Guardian reports that Shell's adjusted profit doubled to $10.8bn in the July-September quarter, beating analyst expectations of $10.33bn, and that it will return $5bn to shareholders as climate campaigners criticise the high profits.
CNBC
Source ↗CNBC reports that Shell nearly doubled its quarterly profit year on year as refining margins soared to a record high, and that it hiked its share buyback as geopolitical volatility and a refined products crunch drove energy and fuel prices sharply higher.
Investing.com
Source ↗Investing.com reports that Shell and Total posted their highest quarterly profit since 2022.
Financial Times
Source ↗The Financial Times reports that Shell, TotalEnergies and Repsol all posted surges in third-quarter earnings as refining margins soared, and that European oil majors lifted their buybacks as the Iran war drove bumper profits.
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