Shell Posts $12.1 Billion in Q3 Shareholder Income as Adjusted Earnings Nearly Double

Shell’s third-quarter income attributable to shareholders reached $12.057 billion, while adjusted earnings nearly doubled year over year as a record refining margin marked a stronger quarter for the energy company.

Income attributable to shareholders rose from $5.322 billion in the year-earlier quarter. Adjusted earnings, a separate measure, were $10.814 billion, compared with $5.432 billion a year earlier and $9.836 billion in the second quarter. Shell’s adjusted-earnings measure is non-GAAP; it removes oil-price effects on inventory carrying amounts and identified items.

Higher refining margins, higher realized liquefied natural gas prices and higher Integrated Gas volumes lifted adjusted earnings from the second quarter. Weaker crude and oil-products trading and optimization, more well write-offs and lower realized liquids prices tempered the gains.

Shell’s global indicative refining margin reached $42 per barrel, up from $24 in the second quarter and a record for the quarter. The confirmed figure matches Shell’s earlier third-quarter margin outlook.

Adjusted earnings in the Chemicals and Products segment rose to $3.855 billion from $2.877 billion in the second quarter. Products contributed $3.751 billion and Chemicals contributed $103 million. Refinery utilization fell to 96% from 102%, with low water levels on the Rhine affecting the Rheinland refinery.

Integrated Gas adjusted earnings increased to $3.037 billion from $2.691 billion. Shell’s realized gas price rose to $8.3 per thousand standard cubic feet from $7.2, while LNG sales increased to 19.3 million tonnes from 18 million tonnes.

“Shell’s relentless focus on operational performance enabled very strong results in a quarter with continued severe disruption to the global energy system,” CEO Wael Sawan said.

Shell announced a $5 billion share buyback program that it expects to complete by its fourth-quarter 2026 results announcement. It also completed the $4.2 billion buyback announced with its second-quarter results.