Shell's Q3 profit doubles to $10.8B thanks to Iran war
What's the story
Shell has reported a massive jump in its profits for the third quarter of 2026, driven by rising oil and gas prices due to the ongoing conflict in the Middle East. The energy giant posted an adjusted profit of $10.8 billion for July-September, nearly double from $5.432 billion during the same period last year. The results surpassed analyst expectations of a profit rise to $10.33 billion.
Financial strategy
Shell announces $5B share buyback plan
Along with its impressive profit report, Shell also announced a $5 billion share buyback plan for the next three months.
This move is part of the company's strategy to return value to its shareholders as it continues to benefit from high commodity prices and global supply constraints on refined products, due to geopolitical tensions in the Middle East and Russia-Ukraine war.
Market performance
Record high refining margins
Shell's refining margins hit a record high of $42 per barrel, beating the previous record of $28.04 per barrel in Q2 2022. The company's market value has also soared amid rising commodity prices, making it Europe's largest oil and gas company on the FTSE 100 index.
Stock performance
Share price hits record high as gas production falls
Shell's share price hit a record high of over £40/share earlier this month, as the global oil price neared $117/barrel, the highest in six months.
The company's gas production has been severely impacted by the Middle East crisis, with its prewar gas production of 900,000 barrels of oil equivalent per day falling by a third amid ongoing conflicts.